Daily Technical Outlook & Trading Ideals EUR/USD : Mar 5, 2015



eur  DAIILY EUR/USD TECHNICAL OUTLOOK
Last Update At 04 Mar 2015 23:53GMT

Trend Daily Chart
Down

Daily Indicators
Bullish convergences

21 HR EMA
1.1108

55 HR EMA
1.1148

Trend Hourly Chart
Bullish convergences

Hourly Indicators
31

13 HR RSI
Down

14 HR DMI
-ve

Daily Analysis

Resumption of LT downtrend

Resistance
1.1270 - 09 Feb low (now res)
1.1155 - Tue's low (now res)
1.1215 - Y'day's European low (now res)

Support
1.1061 - Y'day's fresh 11-yr low
1.1000 - Psychological sup
1.0956 - 50% proj. of 1.2254-1.1098 fm 1.1534

. EUR/USD - 1.1183... The single currency remained under pressure in Asia on Wed n fell sharply to 1.1115 in European morning after release of poor German n EZ services PMI. Later, euro then tumbled to a fresh 11-year trough at 1.1061 after penetrating Jan's 1.1098 low in NY morning b4 moving narrowly.

. Looking at the hourly n daily charts, y'day's breach of Jan's trough at 1.1098 to a fresh 11-year low at 1.1062 suggests LT downtrend fm 2008 record high at 1.6040 has resumed n further weakness twd 'psychological' lvl at 1.1000 is on the cards, a daily close below wud extend marginally, however, as hourly n daily indicators have displayed bullish convergences, steep decline below there is unlikely to be seen n reckon 1.0956, being 50% projection of intermediate fall fm 1.2254-1.1098 measured fm 1.1534, shud remain intact n yield a long-over due correction next week. On the upside, a daily close abv 1.1155 wud be the 1st signal temporary low has been made n yield retrace. twd 1.1241/45.

. Today, euro is expected to remain under pressure ahead of ECB press conference where President Draghi will announce details of QE launch. Selling on recovery is the way to go n only abv 1.1155 wud signal a temp. low is in place.
eur

Recommended Content


Recommended Content

Editors’ Picks

USD/JPY holds positive ground around 151.50 following Japanese CPI data

USD/JPY holds positive ground around 151.50 following Japanese CPI data

The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.

USD/JPY News

AUD/USD holds above 0.6500 in thin trading

AUD/USD holds above 0.6500 in thin trading

The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.

AUD/USD News

Gold price finishes Thursday’s session set to reach new all-time highs

Gold price finishes Thursday’s session set to reach new all-time highs

Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.

Gold News

Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts

Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts

Bitcoin is showing strength as markets head into the Easter holidays. As it rises, altcoins are following suit, with Ethereum and Ripple posting almost similar gains. Meanwhile, there remains an unfilled CME Gap, with a lot of liquidity also resting above and below BTC price.

Read more

Bears have been standing before a steamroller so far this year

Bears have been standing before a steamroller so far this year

Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.

Read more

Majors

Cryptocurrencies

Signatures