The Euro Is Buoyant Ahead Of ECB Speeches

• 14 May 2018

EUR/NZD

The EUR/NZD pair has reached a market top which has resulted in price action bouncing back in a more bearish direction in previous sessions. Momentum indicators suggest there is further upside potential. However, with volume declining there appears to be less conviction from buyers and the 1.71 price level may hold as a recent top.

Impact event: A series of speeches throughout the day from The European Central Bank will likely impact Euro pairs.

EUR/USD

The EUR/USD pair is testing the low price SMA and a break would indicate the beginning of an uptrend. Momentum indicators confirm a trend change with a reversal taking place on MACD and RSI breaking the 30 support level.

EUR/GBP

The EUR/GBP pair appears to have entered into a flag continuation pattern, indicating the uptrend may continue. Momentum indicators confirm the bullish bias with strong upward trajectories. However, the pace of the uptrend appears to be slowing with volume declining slightly in recent trading.

EUR/JPY

The EUR/JPY pair has turned more bullish in recent trading as MACD has undergone a momentum reversal and RSI has a sharp upward trajectory. The pair is approaching the 20 period EMA and a break would prove significant. The next price target for buyers is the 131.95 price line.