Euro Dollar: Lack of visibility on the Euro short-term Thursday, June 3, 2010 at 11:52

The euro regained some ground against the dollar this morning, in a context of renewed confidence in the short term traders in the stock markets on both sides of the Atlantic. Yesterday the U.S. markets have rebounded strongly (+2.64% for the Nasdaq Composite and +2.25% for the Dow Jones) in a soil favorable macro promises of U.S. housing sales have soared from 6% in April from the previous month at their highest level since October, triggering a wave of euphoria in the markets, the approach of the publication, this weekend, the official figures on U.S. employment. Note that the traders will get a taste of the health sector work across the Atlantic as early as this afternoon with the release of the ADP report.

Around 11:35, the spot EURUSD is approximately 1.2290.

From a graphical perspective, the cross is currently in a consolidation phase, in terms of time, over and above its moving average 100 hours (orange) and stabilizes the oscillations near the threshold of 1.2300. A few technical situation conducive to short-term position. They prefer simply, in these conditions, take no chances and not take a position on this currency pair.
In this context, the team makes a neutral Tradingsat.com for the next few hours and offers traders stay out of the market in anticipation of next clear signs. However, we take care to note that a crossing of the voltage to 1.2350 revive the purchase, while a break of 1.2265 would boost the selling pressure.
On the macroeconomic side, traders have to deal with a battery of macroeconomic figures from the U.S.: the employment report as the private firm ADP HR 14.15, the weekly unemployment registration at 14:30, the index ISM Services and the industrial orders at 16.00, then the weekly reports of oil stocks at 17:00. (Paris time)

Hourly data chart:


Daily data chart: