EUR Trading Outlook (13-05-2014)

The AUD/USD: Market await for U.S retail sales for a better indication on the pair. For now, range is still holding between 0.9345-0.9395. A clean break above the cloud base and 0.9400 barrier puts April’s high (0.9460) in play.

The EUR/USD: Ranges were relatively tight (1.3749-75) and with the bearish bias posted by Draghi remains, the pair managed to test the hourly resistance near 1.3775-80. However, no further pushes were seen and the pair dropped back down to where we started. Tech bolster the bear view as last week’s bearish engulfing candle looms large, a long upper wick forms on the 12th of May candle and day/week RSI trend lower. Market await for U.S Retail sales and also PPI on Wed.