EUR is sold while growing

By GG Analyst in Reviews 0 Comment

EUR/USD

The euro’s shy attempts to recoup its losses on Friday faced a serious obstacle. While there’s no clear-cut downtrend in the pair, bulls don’t seem to be very strong either. The situation looks as though below its 200-day MA the euro was sold on upward bounces instead of being purchased on the dips as it has been in the previous months. If only bulls were as strong as before, they would, most likely, take advantage of the poor US statistics, released last week. Thus, Thursday’s publication of the retail sales data reported growth by 0.3% in May against the expected 0.5%-0.7%. more…

Why the ECB failed to put pressure on the euro

By GG Analyst in Reviews 0 Comment

EUR/USD

The single currency frayed traders’ nerves a lot yesterday. Its initial decline from 1.3540 to 1.3501 for about an hour was recouped by the reverse growth and closing at 1.3660.The ECB cut all the three rates, making the bank deposit rate negative. So what aroused purchasing of the single currency again? First of all, the demand for risky assets, provoked by the rate decrease. After all, it often supports the single currency. Then it is a correction of the forward guidance, which now states that the rates won’t be reduced again. It was expected that the ECB would also take other more…

The narrow channels of Forex

By GG Analyst in Reviews 0 Comment

EUR/USD

Yesterday’s attempt of the euro to come off  the four-month lows proved to be futile. The euro/dollar has been plying between 1.3585 and 1.36550 for over a week. The certain dissatisfaction with the US statistics, due to the poor employment data from ADP, could strengthen the single currency only for a while yesterday, taking it to the upper bound of the range. As reported by that company, the US private firms in May increased the number of jobs by 179K instead of the expected 217. The rates for the preceding two months were also revised down. The foreign trade data also more…

EUR keeps crawling down

By GG Analyst in Reviews 0 Comment

EUR/USD

The European session began with the fresh pressure on the single currency. Before the release of Final Manufacturing PMI the euro had been pushed from 1.3640 down to 1.3590. Most likely, it had been connected with the earlier reaction of the market to the inflation statistics in the German lands, which at the end of the day was to form into the overall picture. Then it turned out that the actual data failed to meet the forecasts, so the euro’s decline was accounted for by fundamental factors. The EU Services PMI in May was revised down to 52.2 instead of the more…

EUR has reversed, others lag behind

By GG Analyst in Reviews 0 Comment

EUR/USD

Even the relatively strong PMI rates for May couldn’t change the market sentiment regarding the single currency yesterday. The level of 1.37 was finally surrendered and now trading is held close to 1.3650. We got evidence of the downtrend formation when the pair dropped below the preceding low of 1.3675 and became sure about the bulls’ strength when went below that level once again. The lows were not completely renewed as on Wednesday the pair declined to 1.3633 and this morning it only hit 1.3640. The current rates are extremely important for the pair as the 200-day MA is just 10 more…