Largely the shorts are overwhelmingly in play EUR/USD but interest is waning as most of the speculative action seems to have come into play ie. there's a dearth of new news to push the market in any direction and the EUR/USD is fast becoming a gruesome playground for pushing and shoving in a narrow range. Greece made her scheduled EUR 450m repayment. No more scary news seems to come through the pipeline for the moment. a worrying article appears on Bloomberg on factory inventory pile up which points to the US economy slowing down and this could be the second piece of news since the NFP data.
Experienced traders would know that a direction would have a cycle and several specs are beginning to wonder if the lack of steam could give way to a key market reversal. Such a reversal would appear an increasing probability after weak NFP data last week and now an indication of US manufacturing slowing down. It would only take a few more nudges for some serious short covering to commence on the EUR/ USD and the USDX to hasten a retreat back down to 90 mark. ECB Apr 15 policy meeting will need to show consensus and direction for the EUR to rise. Crude oil remains firm bid with traders in wonder over the shape of an Iran nuclear deal.
Always look to support and resistance band lines as the key to understanding in the long and short term where prices are converging. Professional technical traders use 50 day and 200 day medium and slow moving averages as fundamental cornerstones for interpreting the direction of price action.
USDX
98.994 +0.022 +0.03%
Support 97.835 Resistance 100.195
EUR
1.066240 -0.010845 -1.01%
Support 1.05447 Resistance 1.08487
Crude Oil
50.72 -0.07 -0.14%
Support 49.56 Resistance 52.68
Gold
1194.450 -2.950 -0.25%
Support 1,185.5 Resistance 1,207.3
Pieter Bergli - DeLoren Trust Holdings
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