Shooting Star on peak of EUR/USD uptrend; Fresh short build ups are likely
Industrial production points to a weak start in Q2: On the data front, April industrial output should point to a weak start in the euro area at -0.2% MoM due to weak global demand and disappointing export numbers. French…
Industrial production points to a weak start in Q2: On the data front, April industrial output should point to a weak start in the euro area at -0.2% MoM due to weak global demand and disappointing export numbers. French HICP inflation is expected to rise from 0.1% yoy in April to 0.4% yoy in May, on the back of higher energy prices.
Greece negotiations continued: Greece having decided for a package of all the IMF payments in late June, negotiations should resume and Greece said to send a counter-offer on 8 June. However, the next deadline now appears to be end-June.
With IMF payments all rescheduled to June 30, there are no imminent deadlines. Several Syriza politicians have touted the idea of snap elections if no agreement is possible. Polls say that Greeks still favour EUR membership.
Technical Insights: EUR/USD
On daily charts shooting star candlestick pattern occurred on peaks. This candle has an upper shadow atleast twice as big as real body. One more significant observation on this pair is that the formation of this candle was exactly at the peak of upward or bullish trend. The distance between the lowest price for the day (1.1221) and the closing price (1.1222) was very negligible which has indicated the strength for bearish momentum.
RSI (14) is converging (at 50.5171) with the downward price line, so there is continued pace of downward momentum.
Slow stochastic %D line crossover (at 60.1553) suggests continued sense of overbought situation.
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