Technical analysis: Will the EUR/USD rebound persist?
|Recommendation for EUR/USD: Buy
Buy Stop: Above 1.1973
Stop Loss: Below 1.1950
MACD: Sell Donchian
Channel: Neutral
MA(200): Buy
Fractals: Buy
Parabolic SAR: Sell
On Balance Volume: Buy
Chart Analysis
The EURUSD technical analysis of the price chart on 1-hour timeframe shows EURUSD: H1 is retracing higher above the 200-period moving average MA(200) which is rising. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.1973. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1.1950. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis
Euro-zone output fell less than expected. Will the EURUSD rebound persist? Euro-zone output fell less than expected: Eurostat reported industrial production in euro-zone declined 1% over month in February after 0.8% increase in previous month, when a 1.2% fall was forecast. This is bullish for EURUSD.
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