The Euro Has Weakened In Recent Trading

• 30 Apr 2018

EUR/USD

The EUR/USD pair appears to be beginning a reversal with strong buying pressure in the previous trading session. A hammer candle at the bottom of the bearish move indicates buyers’ conviction is rising. The break above the lower Bollinger band is also significant with buyers likely targeting the 1.219 price level.

Impact event: German CPI data will be released at 15:00 GMT+3 and will impact all Euro pairs.

EUR/GBP

The EUR/GBP pair rallied significantly on Friday’s trading; breaking both the 20- period EMA and the 0.878 price level. MACD is also approaching the zero line and a break would provide further weight to the uptrend. The next price target for buyers is the 0.886 price level.

EUR/CAD

The EUR/CAD is recovering from a moderate sell-off. The pair is moving away from the 30 support level and MACD appears to be beginning a momentum reversal. A series of doji candles in the last few trading sessions suggests residual uncertainty in the market. A break of the 20 period EMA (which has been acting as a resistance level) would be required to signal a trend change.

 EUR/NZD

The EUR/NZD has returned from overbought conditions and is moving towards the 1.706 price level. Doji candles have resulted in a stall in price action for the pair. Volume has declined therefore there may be a lack of activity to result in real sustainable price moves. Fundamental factors may play a role.