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EUR Analysis and Talking Points

  • EURUSD | Key Resistance Holding for Now
  • EURJPY | Trendline Resistance Pivotal
  • EURGBP | Challenging Descending Trendline

See our Q2 forecast to learn what will drive the currency throughout the remainder of the quarter.

EURUSD | Key Resistance Holding for Now

Resistance situated at the 23.6% Fibonacci retracement (1.1270) continues to hold for now. As such, a move towards 1.13 could be a stretch too far at present time, which in turn suggests that price action in EURUSD could be somewhat contained. Alongside this, sizeable option expiries from 1.1200-1.1275 may see the pair holding its recent range. Elsewhere, momentum indicators show no real signs of a firm trend and thus emphasising the likelihood of sideways trading in EURUSD.

Option expiries: EURUSD 1.1200-10 (1.6bln), 1.1215-25 (1.5bln), 1.1245-55 (3bln), 1.1260-65 (1.7bln), 1.1270-75 (1.1bln)

EURUSD PRICE CHART: Daily Time Frame (Dec 2018 – Apr 2019)

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

EURJPY | Trendline Resistance Pivotal

Having held above the 124.00 handle, the cross has continued to edge higher and is now eying topside resistance stemming from the descending trendline situated at 126.00. Momentum indicators are marginally bearish; however, the trend is relatively weak, consequently implying a lack of firm direction in the cross. The 50DMA has continued to cap further upside, which in turn raises the scope that EURJPY could make a move back towards 124.00. Eyes on tomorrow’s ECB meeting.

EURJPY PRICE CHART: Daily Time Frame (Feb 2017– Mar 2019)

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

EURGBP | Challenging Descending Trendline

EURGBP challenges the 50DMA and descending trendline from the 2019 high, whereby a closing break above could signal the pair have bottomed out in the near-term and extend a move towards 0.8720. While momentum indicators are slightly bullish, this has eased off in recent sessions, which in turn could see the range of 0.8500-0.8700 intact.

EURGBP PRICE CHART: Daily Time Frame (Dec 2018– Apr 2019)

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

G10 FX TECHNICAL ANALYSIS OVERVIEW

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX