Murrey Math Lines: EUR/USD, GBP/USD
EUR/USD battling 1.1050 after the ECB, ahead of critical PMIs
EUR/USD is consolidating its losses around 1.1050 after the ECB's cautious message on Thursday. Lagarde, its president, will speak later. Coronavirus fears are somewhat receding. Forward-looking PMIs are eagerly awaited.
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SPECIAL YEARLY FORECAST
Markets' lean season has lasted two full years and while those are not yet over, flush times are looking more and more likely for this 2020. EUR/USD news: The beginning of the end of the trade war? Ever since hitting 1.2537 in January 2018, the EUR/USD pair has been on a selling spiral that set a multi-year low of 1.0878 just two months ago. The level can hardly be considered an interim bottom when just considering the following price’s recovery, but the focus this time shouldn’t be put on technical readings, but in politics.
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EUR/USD has been unable to recover and remains below 1.11, in familiar ranges as the European Central Bank's decision is awaited.
The Technical Confluences Indicator is showing that euro/dollar is facing fierce resistance at 1.1094, which is a dense cluster including the Simple Moving Average 50-15min, the SMA 200-15m, the SMA 50-1h, the Bollinger Band 15min-Upper, the BB 4h-Middle, the Fibonacci 23.6% one-day, and the Fibonacci 61.8% one-month.
It is closely followed with additional resistance lines culminating at 1.1151, which is the convergence of the Pivot Point one-week Resistance 1 and the Fibonacci 38.2% one-month.
Looking down, some support awaits at 1.1071, which is the confluence of the PP one-month Support 1, the previous day's low, the BB 1d-Lower, and the PP 1w-S1.
Further down, the next target is 1.1002, which is where the previous month's low hit the price.
