Mixed Fortunes For The Euro

• 10 May 2018

EUR/NZD

The EUR/NZD has broken the 1.706 price level with a strong bullish move to start the session today. Momentum indicators are both bullish in support of price action. Volume has been rising into the move and the next price target for the pair is the 1.720 price line.

EUR/JPY

The EUR/JPY pair has broken the 129.98 price level to the upside and RSI has pulled away from the 30 support level, to reverse a previous downtrend. Volume is rising into the move suggesting strong conviction from Euro buyers.

EUR/AUD

The EUR/AUD pair is testing the 1.586 price level which may represent a new price range for the pair. The current price range sits between the 1.586 and the 1.614 price levels, therefore a break of the lower bound may prove significant. Momentum indicators are currently bullish.

EUR/CAD

The EUR/CAD pair has broken the 1.533 price level which represents a previous market bottom from January this year, so clearly, the break is significant. At the same time, the pair continues to test the lower Bollinger band and RSI has broken the 30 support line. The pair is oversold. However, there are no current signs of a reversal as MACD extends its bearish trajectory.