EURUSD: upwards corrected expected

Most of the majors declined over the course of last week. The biggest loser against the US dollar was the Australian dollar (-1.45%), followed by the Canadian dollar (-1.20%), British pound (-1.01%), New Zealand dollar (-0.95%), and euro (-0.30%). The only currencies to rise were the Swiss franc (+ 1.07%) and the yen (+ 2.05%).


Day’s news (GMT + 3):

  • 12:00 Eurozone: trade balance (Apr).
  • 23:00 US: Net long-term TIC flows (Apr).

Current situation:

On Friday the 12th of June trading on the euro closed down. The rate fell 0.39% to 1.1255. The fall stopped at the D3 line. At the time of writing, the euro is trading at 1.1235. On Monday, trading opened lower. Futures on the SP500 fell 2.71%, to 2,941. All markets are retreating to the safe havens, including bitcoin. Buyers are drawing strength from the growth on the euro crosses (EURAUD, EURNZD and EURGBP), which is allowing them to keep their heads above the 1.1200 mark.

Since today is Monday, we’re predicting the pair to go against Friday's movement and recover to the balance line at 1.1285. The economic calendar is empty. A negative impact on the foreign exchange market may cause a drop on the SP500. The overall sentiment for the single currency remains negative with the target at 1.1170.

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