Today sees a busy day of data, highlighted by the ECB Interest Rate Decision, the EU CPI (exp0.0% mm, 0.2%yy, 0.8%yy Core), although no change is expected. Later in the day Janet Yellen will testify to Congress and further hawkish comments will most likely give the dollar another boost.
Technically, the Euro is breaking down through the 4 month rising trend support off the March low (1.0461) and appears to be building the momentum for further downside action. The next points to watch would be close by, at last Tuesday’s 1.0915 low. A break below 1.0900 would then head towards the next major targets at the 1 June low at 1.0885 and then the 27 May low at 1.0818, beyond which the major lows at 1.0520 (13 April low) and 1.0461 (13 March low) could come under pressure.
The topside will now find sellers at 1.0965 (minor) and larger offers at 1.1000. A break of this seems unlikely today, but a bigger rally would take the Euro towards the session high where the 100/200 HMAs both lie.
Selling rallies still seems the way to go, although it may be until Yellen testifies that we see any real action.
Economic data highlights will include:
EU Trade Balance, CPI, ECB Interest Rate Decision/ Press Conference/Statement, US Jobless Claims, Philadelphia Fed Mfg Survey, Yellen Testimony.
The post EURUSD: Euro breaking support, building downside momentum. Waiting on Greece vote. appeared first on FX Charts Daily.
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