Daily Analysis For EUR/USD  15-05-2023

Daily Analysis For EUR/USD 15-05-2023

EUR/USD Analysis
Economic Events and Scenario for EUR/USD
Economic Events: -
00:50(Japan) PPI YoYLowJPY
00:50(Japan) PPI MoMLowJPY
01:00(Euro Area) Eurogroup MeetingMediumEUR
01:01(Ireland) Construction PMILowEUR
02:30(Australia) Building Permits MoMLowAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
02:30(China) PBoC 1-Year MLF AnnouncementLowCNY
04:45(Japan) 5-Year JGB AuctionLowJPY
06:00(Estonia) Unemployment RateLowEUR
06:00(Finland) CPILowEUR
06:00(Finland) Inflation Rate YoYLowEUR
06:00(Finland) Inflation Rate MoMLowEUR
07:00(Germany) Wholesale Prices MoMMediumEUR
07:00(Germany) Wholesale Prices YoYMediumEUR
07:00(Japan) Machine Tool Orders YoYLowJPY
07:30(Switzerland) Producer & Import Prices YoYLowCHF
07:30(Switzerland) Producer & Import Prices MoMLowCHF
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Lithuania) Current AccountLowEUR
08:00(Slovakia) Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate MoMLowEUR
08:00(Slovakia) CPILowEUR
08:00(Slovakia) Inflation Rate MoMLowEUR
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
10:00(Belgium) Construction Output YoYLowEUR
10:00(Euro Area) Industrial Production MoMMediumEUR
10:00(Euro Area) Industrial Production YoYLowEUR
10:30(Germany) 12-Month Bubill AuctionLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Latvia) Current AccountLowEUR
11:00(Ireland) Balance of TradeLowEUR
13:15(Canada) Housing StartsMediumCAD
13:30(Canada) Wholesale Sales MoMLowCAD
13:30(United States) NY Empire State Manufacturing IndexMediumUSD
13:45(United States) Fed Bostic SpeechMediumUSD
14:00(Belgium) Balance of TradeLowEUR
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
14:15(United States) Fed Kashkari SpeechMediumUSD
15:00(Canada) Financial System SurveyMediumCAD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
17:30(United States) Fed Barkin SpeechMediumUSD
21:00(United States) Foreign Bond InvestmentLowUSD
21:00(United States) Overall Net Capital FlowsLowUSD
21:00(United States) Net Long-term TIC FlowsMediumUSD
22:00(United States) Fed Cook SpeechMediumUSD

Today's Scenario: - The EUR/USD pair made an attempt to bounce back from 1.0850, but it faced difficulties in sustaining its recovery above 1.0863 during the Asian session. The primary currency pair is striving to extend its recovery, given that the US Dollar Index (DXY) has displayed indications of exhaustion in its upward momentum.
Positive market sentiment has provided some strength to assets perceived as risky. S&P500 futures have regained most of the losses recorded in the early Asian trading hours. Investors are currently disregarding the risks associated with the United States' debt-ceiling issues and taking advantage of increasing expectations that the Federal Reserve (Fed) will halt its tightening of monetary policies.

Buy Scenario: - On the Buying side of EUR/USD pair, immediate resistance for the EUR/USD pair is seen at the former support-turned-resistance line and the 50-DMA, located around 1.0865-75 at the time of writing.
Beyond that, the levels of 1.0950 and the psychological level of 1.1000 could attract bullish momentum before guiding towards an upward trendline resistance from February 2023, which is near 1.1110 currently.
Overall, the EUR/USD remains a target for bearish sentiment despite the recent lack of significant movement, till we do not advise to buy EUR/USD currency pair.

Sell Scenario: - The EUR/USD pair is currently holding at around 1.0850, as the bears take a pause after pushing the price to a monthly low earlier on Monday.
Despite this, sellers of the Euro pair remain optimistic as the quote continues to stay below the upward trendline support from late September 2022, as well as the 50-day moving average (DMA). The bearish signals from the MACD indicator further strengthen the downward bias.
However, the relative strength index (RSI) with a period of 14 is trading below the 50 level, indicating the possibility of bottom-picking. This could potentially support a rebound in the EUR/USD price from the support of the 100-DMA around 1.0800.
Additionally, an important short-term support area lies in the range of the highs marked in mid-March, roughly between 1.0760 and 1.0750.
If the EUR/USD price remains bearish and falls below 1.0750, there is a chance of a gradual decline towards the yearly low near 1.0480, followed by the support of the 200-DMA around 1.0455. Till then we do not advise selling EUR/USD.

Support and Resistance Level: -
S1 1.0819-R1 1.0907
S2 1.0790-R2 1.0965
S3 1.0732-R3 1.0994


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