US Data Key to April Dollar Progress
Littlefish FX | Apr 07, 2013 01:45PM ET
Last week was far from boring: the Euro broke out of range to push higher on poor US data. Following the moves on Thursday and Friday, we could see a continuation on Monday or some early profit taking.
The focus on U.S. data and Bernanke's comments will be key after last weeks poor NFP number. Continued poor U.S. performance or comments highlighting downside risks could avert a USD rally in the short term, extending last weeks drop.
We could see the pound, euro and possibly the yen as interesting players against the Dollar.
If Bernanke and good data can steady the ship, we expect to see more range bound price action.
EUR/USD
The pair dropped and flew higher today, putting in a rather aggressive and Bullish candle. Depending on Monday's NFP, we suspect the Euro could now push higher - but we still believe the upside is limited.
Personal Bias: Bullish
Support: 1.2870
Resistance: 1.23000
Strategy: Wait for clear signals - can look for potential long options off of strong price rejections from key support levels (200 Day SMA)
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