FXStreet — The demand for the common currency is at the beginning of the week, so the EUR/USD is now in the area of the 1,0960/50 consolidated.
EUR/USD focus in on Fed speech
The selling pressure on the Pair increased at the 6-month high in the area of the 1,1020/25, while the optimism is around the Macron victory in the French presidential elections.
Despite the Pullback, the Pair remains unchanged structurally, because the political risks have decreased in the Eurozone and the recovery in the Region continues, so the market expects in the future to me of a hawkish ECB.
The Euro is also supported by the speculative positioning, as net shorts in the week to 2. May with 1.6 K contracts, the lowest since the 6. May 2014 have fallen, such as the recent CFTC report, it was found.
The German factory orders rose in March compared with the previous month by 1.0%, while the Sentix investor confidence for may rose to 27.4.
From the other side of the pond waiting for us, still today, the Fed’s labour market condition Index and the Speeches by St. Louis Fed’s J. Bullard (2019 voters, centrist) and the Cleveleand Fed President, L. Mester (2018 voters, dovish).
• EUR/USD bids above 1,0832
• EUR/USD target is now the 1,1050
EUR/USD significant levels
Currently, the daily loss is -0,51 % 1,0941 and the next supports lie at 1,0880 (Deep-3. May), 1,0850 (Deep 27. April) and 1,0832 (200-day SMA). On the other hand, Resistances can be found at 1,1020 (High-8. May) and 1.1300 (High-9. November 2016).
** FXStreet News Editorial, FXStreet**