EUR/USD (week of 31-04/06)

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Weekly Summary

Euro erases today's gains loses 87 pips, trading lower at 1.2167 after 5 months and a half high .

A bearish end to the trading week, after starting the week at 1.2192, EUR/USD went up to 1.2254 only to drop back to mid point range and now trades at 1.2167. (Start trading Euro/Dollar at FXTM today).

On the flip side data for Germany Unemployment Change released Tuesday comes out at -15,000, beating projections of -9,000 and showing improvement over the preceding figure of 8,000.

Meanwhile, Euro Zone Retail Sales fall short of the -1.2% projections, with -3.1% and continued its downward trajectory from previous figure of 3.3%. Data for Germany IHS Markit Construction PMI (May) was released today at 7:30 AM suggests a downwards trend with 44.5, while previous data was 46.2.

In the meantime negative performances are also seen in other symbols, USD/SGD hits a 3 months low, as it drops to 1.3185. Aussie/Dollar drops to 0.7642, as it hits a 6 weeks low.

However positive performance can be seen looking at other symbols as EUR/NZD hits 1.701, highest price in 4 months. After 4 months hiatus, EUR/AUD is back at 1.5851 levels. After 2 months hiatus, Dollar/Yen is back at 110.33 levels.

Jun. 4, 2021

Euro/Dollar up 0.33% to 1.2167 after 8 days of trading sideways

(23:00) GMT

While Euro is trading sideways for 8 days Todays session shows some improvement: after starting the day at 1.2127 Euro/Dollar went up to 1.2186 only to drop back, yet still positive overall today, trading now at 1.2167.

This move comes while some more positive signs for Euro/Dollar are out as United States Crude Oil Inventories published yesterday at 3:00 PM came out at -5.08 million, falling short of the -2.44 million projections and continuing its decline from the previous -1.66 million figure.

More data out yesterday as Euro Zone Retail Sales published today at 9:00 AM came out at -3.1%, falling short of the -1.2% projections and continuing its decline from the previous 3.3% figure. Germany IHS Markit Construction PMI (May) is released with a new figure of 44.5, this is down from preceding data of 46.2.

As the day reaches an end a chart visual study suggests Euro/Dollar immediate resistance is around 1.2212, nearest support level is at 1.2006. In terms of trend indicators, we can see that at 1.2179, Euro/Dollar made an initial breakout above 21 day Simple Moving Average, an indication of a positive trend. Asset volatility analysis shows that the upper Bollinger band is at 1.2274, this is a slight indication of a slowdown.

Overall, technical indicators suggest Euro has no obvious direction for the immediate future.

Euro/Dollar shows positive signs, other assets are also on par: new 4 months high for EUR/AUD at 1.5847.

At the same time Dollar/Yen made its largest single-day drop of 69 pips (0.7%), since November 2020.

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