German consumers are becoming more optimistic. Following 9.7 points in March 2015, the score of 10.0 points are expected for April. But Greece concerns and the US stronger data pushed the pair towards 1.0856. The pair managed to close above 20Dsma at the yesterday’s session as well. Today, the euro is trading higher against the greenback at the early Asian session. The intraday trend was turned to bearish based on hourly moving averages. Intraday resistance is seen at 1.0950 and support is likely to be found at 1.0850 and 1.0830. At yesterday’s session, we recommended fresh selling below 1.0940 with targets at 1.0900, 1.0880, 1.0770, 1.0750, and 1.0690; positional buying remained in play with sl 1.0830. The pair made a low at 1.0856. Even though, the pair breaches the intraday basis of 1.1045, it is unable to close above that level. A daily close below 1.0770 shows that bulls are losing grip. Bulls must try to close above 1.1045. Bears must try to close below 1.0768. In case the price closes above 1.1045, bulls can challenge 1.1170 and 1.1500. We are bullish for EUR against GBP for now, but not against USD. The levels above the closing basis can change the current picture.
Trade: selling below 1.0830
Key technical levels of the euro against USD/JPY/CAD/GBP, and AUD :
EUR/USD-Weekly mode favors buying with sl 1.0830. Intraday view remains favors bears.
EUR/JPY- Weekly mode favors turned to selling with sl 130.75. Intraday view remains favors bears.
EUR/CAD- Weekly mode favors turned to selling with sl 1.3675
EUR/GBP. Weekly mode favors buying with sl 0.7310 with a likely target at 0.7430 (buying above 0.7305 was advised on Monday) . Struggling at 50Dsma.
EUR/AUD. buying with sl 1.3820 target 1.4150
We will re-analyze if the weekly trend changes. The euro has been trading like a mirror image against JPY & CAD.
The material has been provided by InstaForex Company – www.instaforex.com