Key Highlights
-
The Euro faced selling pressure this past week, but remained above the 1.0610 support against the US Dollar.
-
There is a major resistance formed at 1.0675 and 1.0690 on the 4-hours chart of EURUSD.
-
Recently in the US, the NY Empire State Manufacturing index for April 2017 released by the Federal Reserve Bank of New York posted a decline from 16.4 to 5.2.
-
Today, the US Industrial Production data for March 2017 will be released by the Board of Governors of the Federal Reserve, which is forecasted to increase by 0.5%.
EURUSD Technical Analysis
The Euro after trading as low as 1.0570 against the US Dollar found support, and started a recovery. The EURUSD is correcting higher, but faces a major resistance near 1.0675 and 1.0690.
The pair recently traded near the 23.6% Fib retracement level of the last decline from the 1.0906 high to 1.0570 low. However, it faces a major hurdle near 1.0675, as the 200 simple moving average (H4) is positioned.
Moreover, there is a contracting triangle pattern with resistance near 1.0670 on the 4-hours chart. Furthermore, the 100 simple moving average (H4) is waiting on the upside at 1.0690 to act as a resistance. On the downside, the 1.0610 is triangle support.
Overall, it looks like the pair may trade in a range before attempting an upside break above 1.0690.
Interested in EURUSD technicals? Check out the key levels
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.