EUR Trading Outlook (16-04-2015)
EUR/USD
• Europe sees several pushes into 1.570/80 repelled, good demand noted
• NY makes early push lower but it’s bought pre-Draghi presser
• Draghi less dovish, notes depo rate won’t be lowered, FX rate not targeted
• Pair gains but fades as German 10yr yield hits new low, dip bought though
• Broad based USD weakness sees pair near key 1.0710/20 resistance
• Little pullback seen as US yields stay soft, 1.0775/90 test possible
USD/JPY
• USD/JPY succumbed to more bad US data, tech break & oil surge
• Cloud base & 50% of the Jan-Mar rise at 118.94 were broken below in NY
• Mar 26 low at 118.33, 61.8% Fibo at 118.22 & Feb 16 low at 118.11
• German FinMin raised doubts about Greek debt deal in April
• EUR/JPY choppy above key 76.4% Fibo at 126.07
• WTI sprints past Feb range highs, bad for Japan Trade balance, JPY+
• Weekly MOF flow data tonight
