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EU Market Review 11th May 2021

May 11, 2021 (07:43)

by Elina Nikolova

EURUSD traded at a high 1.2178 price area, above the important resistance level of Fibonacci Extension at 1.2164 price. Following that, the price failed to close above that level due to the dollar stabilizing and driven primarily by commodity prices. The price action is currently hovering below the 1.2150 resistance level. The Stochastic RSI indicator is out of the oversold area above the 20 line showing there is still fuel in the tank for the Euro.

A break and closing of the price above the Fibonacci 1.618 extension level may allow the price to rally higher. Important resistance points at 1.2243, 1.2350 formed by previously formed tops, and 1,2449 Fibonacci 2.618 extension level. A break below the tentative trendline formed from the March 31st bottom may signal a reversal of the bull-trend. Important support found at 1.1990 inside support level, at 0.618 Fibonacci level at price 1.1880 and at price 1.1704 formed from the previous March 31st bottom.

• The news for EU Economic Area and Europe today are coming from Germany and the UK. From Germany we will have the ZEW Economic Sentiment and at the same time the ZEW Economic Sentiment of the EU in general. Later on there will e a speech by Bank of England Governor Ben Bailey.

• European stock markets are seen weakening at the opening Tuesday, following the previous session’s tech-led selloff on Wall Street based on increased inflation worries.

• German biotech company BioNTech surged 9.6% after revealing plans to build a new manufacturing site for its vaccines based on messenger RNA technology (mRNA) in Singapore.
• At 09:00 (GMT) the announcement of the EU ZEW Economic Sentiment is due. This indicator Survey is about 275 German institutional investors and analysts which asks respondents to rate the relative 6-month economic outlook for the Eurozone.

• At 09:00 GMT the ZEW Economic Sentiment of Germany is due. This survey includes about 300 German institutional investors and analysts which asks respondents to rate the relative 6-month economic outlook for Germany.

European indices yesterday:

• DAX: +0.76%
• EURO: -0.27%
• MIB: +0.78%
• CAC: +0.01%

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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