EUR Trading Outlook (30-04-2015)
EUR/USD
Choppy action ~1.1100 in Europe’s morning, NY opens sub-1.1100
Big miss on US GDP sees broad based USD sales, EUR/USD rallies
61.8 Fib of 1.1534-1.0463 & daily cloud top pierced, 1.1188 high hit
P/T pre-Fed sees sub-1.1150; Fed slightly hawkish tip spikes USD
1.1075 tested but dip bought as USD bulls don’t get much from Fed
Pair sub-61.8 Fib late in day, Apr DE jobs & EZ CPI risks o/n
USD/JPY
Broad USD sales after GDP miss trimmed USD/JPY to up TL off Mar-Apr lows
FOMC’s steady policy statement enough to get above 119 v 118.60 low
Pair is US data dependent to confirm Fed view econ will rebound soon
EUR/JPY cleared key 131.67 and 132.64 Fibo hurdles on EUR short-covers
EUR/JPY’s Cloud top Thursday is right at today’s 132.89 peak
GBP/USD
Cable rallied to 2-mos high v USD by1.5498 after weak US Q1 GDP data
Steady Fed pushed cable to 1.5410 before reversing to end the session by 1.5430
Traders focus on potential rebound in inflation, rate hikes; ignore May 7 election
With US GDP/FOMC out of the way election risks may once again press on the pound
EUR/GBP rose as Greek tensions abate & EZ equities selloff trigger stops, lifts EUR
Cross ran into offers ahead of the daily cloud base at 0.7231
SNP could win all 59 seats in Scotland in UK election-poll
