DAILY MARKET OUTLOOK on Major EUR/USDUpdate Time: 31 Mar 2015 01:39 GMT
EUR/USD - 1.0822
Yesterday's erratic decline to 1.0810 due to renewed market concerns over Greek debt suggests euro's early rebound from last Friday's 1.0801 low, although strong, had ended at 1.0949 and decline from last week's peak at 1.1052 (Thursday) would resume towards chart objective at 1.0767 after consolidation.
However, loss of downward momentum should keep price above 1.0742/46 and risk has increased for a retracement of aforesaid fall later today or tomorrow.
On the upside, a firm rise above Monday's European high would be the 1st signal a low is in place and risk gain to 1.0910/20 and then later towards 1.0949.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.