Key Economic Data - Coming Up Today (All Times GMT+2)
Pivot Point Table
The EURUSD has climbed as high 1.1860 this morning and is approaching yesterday's high at 1.1870. The pair has formed a short term uptrend pattern and this remains the set-up unless 1.1785 is broken to the downside. A further swing higher in the uptrend will take place if the pair rises above 1.1875. The Relative Strength Index (RSI) on the daily timeframe has risen from 20.5 to 25.79 and still remains in deeply oversold territory. The battle will be waged between the veracity of this technical indicator and the important fundamental developments taking place in the Eurozone and Greece. The outcome of the price ie higher or lower will define the winner. The technicals from oscillators to moving averages all indicate that the Euro is oversold while the fundamentals point to more declines in the pair. By observing the outcome we will be able to learn which factor is more reliable to follow in the future. Crude Oil has fallen to $44.43 from as high as $48.20 yesterday. Crude Oil has declined from above $100 in 2014 and the lowest price this year had been $46.85 before the price breached the support yesterday and crashed down to $45. The $45 barrier has since given way to $44.43. Crude is down over 60% from the 2014 highs. Low Oil prices will adversely affect Oil producing countries, oil companies and oil related jobs globally as well as the geopolitical tensions that could be caused by the struggles of nations that face hard times, currency weakness and potential bankruptcy from the losses of revenues from oil and the debts accumulated for exploration, production and refinement.
Overnight the JPY Current Account exceeded forecasts with a 0.91T Yen and this supported the JPY vs the USD with the USDJPY falling as low as 117.75. The Chinese Trade Balance data came in stronger than forecast at $49.6B in a sign that the economy of China is faring better than expected. This morning German WPI inflation data declined by 1% disappointing estimates of a 0.2% growth in the data while Italian Industrial Production m/m grew by 0.3%. Coming up today the GBP CPI and House Price Index will be key to the performance of the Great Britain Pound. In the US the JOLTS Job Openings and the 10yr Bond auction will be eagerly watched by investors to assess the US economy.
EURUSD Support areas include 1.1750, 1.1650, 1.1600, 1.1500, 1.1400, 1.1350.
Resistance levels above are at 1.1975, 1.2000, 1.2200, 1.2300, 1.2380, 1.2402, 1.2444, 1.2500.
EUR/USD 5 Min Chart
EUR/USD 1 Hour Chart