Euro Buoyant Ahead Of ECB Meeting

• 26 Apr 2018

EUR/USD

The EUR/USD pair has been oscillating in range since the start of the year. The recent sell-off in the pair seems to be coming to the end as the Euro begins to make a recovery. A bullish candle is testing the lower Bollinger band while RSI begins to reverse from oversold conditions. The move currently is, however, very mild and MACD indicates there is still some residual bearish sentiment.

Impact event: ECB Interest Rate Decision and Monetary Policy Statement will be announced between 14:45 and 15:30 GMT+3.

EUR/NZD

The EUR/NZD pair has broken the 1.70 price level and has reached overbought conditions. An inverted hammer in yesterday’s trading could be the first signal of a reversal for the pair which has consecutive tests of the upper Bollinger band with RSI hitting the 70 resistance line.

EUR/GBP

The EUR/GBP is testing the 20-period EMA which has been acting as a resistance level for the pair. The break of the EMA appears, however, to be short-lived and the pair is once again approaching a strong support level at 0.870.  Momentum indicators are mixed and so clues regarding future price action will likely come from a break of the EMA and support level.

 SILVER

Silver has suffered in the last week or so of trading as the metal experienced a large sell-off at the start of the week. The pair is testing the low price SMA and a break would cement bearish sentiment. Simultaneously, RSI and MACD appear to be undergoing bearish momentum reversals.