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11 May 2018

EUR/USD losing the grip near 1.1900, Draghi eyed

  • The pair retraces de recent upside and revisits 1.1900.
  • The greenback treads water in the 92.75/70 band.
  • Focus will be on the speech by President Mario Draghi.

After testing the vicinity of 1.1950 on Thursday, EUR/USD is now grinding lower to the 1.1910/00 band ahead of the European open.

EUR/USD focused on Draghi

The pair is looking to add to yesterday’s gains, and at the same time is prolonging the bounce off Wednesday’s 2018 lows in the boundaries of the 1.1820 region.

The offered bias around the greenback gave some oxygen to the spot and alleviated the downside somewhat, particularly after US inflation figures came in below expectations in April.

Later in the session, President Draghi is due to speak at the 8th edition of the State of the Union in Florence (Italy).

Across the pond, Export/Import Price Index is due along with the speech by San Francisco Fed J.Williams (voter, centrist) and the advanced gauge of US Consumer Sentiment.

EUR/USD levels to watch

At the moment, the pair is up 0.01% at 1.1916 and a break above 1.1944 (10-day sma) would target 1.1946 (high May 10) en route to 1.2019 (200-day sma). On the flip side, immediate support aligns at 1.1823 (2018 low May 8) seconded by 1.1768 (78.6% Fibo of November-February up move) and finally 1.1718 (monthly low Dec.12 2017).

May 11, 2018

US: Weak inflation numbers – Danske Bank

US inflation came in below expectations yesterday as CPI core grew by just 0.1% m/m in April against expectations of 0.2%, implying an unchanged core
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May 11, 2018

GBP/USD faltering just above the 1.35 handle as Sterling wavers

The GBP/USD is looking bearish heading into the European session, trading just above the 1.3500 handle. The Sterling weakened on Thursday when the Ba
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