EURUSD – Euro Looking To Extend Gains Against US Dollar
Key Highlights
The Euro managed to recover well from the 1.0493 level against the US Dollar.
The EURUSD pair is currently attempting to break a bearish trend line at 1.0620 on the 4-hours chart.
Today in the Euro Zone, the Sentix investor Confidence Index for Mar 2017 will be released, which is forecasted to decrease from 17.4 to 16.00.
In Australia, the Retail Sales figure for Jan 2017 (released by the Australian Bureau of Statistics), posted a rise of 0.4%.
EURUSD Technical Analysis
The Euro failed once again to settle below the 1.0500 handle, and recovered. The current recovery in EURUSD looks positive, as the pair looks for further gains above 1.0620.
The pair was rejected once again near the 1.0490 and 1.0500 levels, resulting in a bounce. It looks like the pair has formed a double bottom near 1.0490, and might continue to trade higher.
It has already moved above the 100 simple moving average (H4) at 1.0595. The pair also crawled above the 23.6% Fib retracement level of the last decline from the 1.0828 high to 1.0493 low.
At the moment, the pair is facing resistance near a bearish trend line at 1.0620 on the 4-hours chart. The same level also coincides with the 38.2% Fib retracement level of the last decline from the 1.0828 high to 1.0493 low. So, a break above the highlighted resistance might produce further gains in EURUSD.
Today’s Important Economic Releases
Euro Zone Sentix investor Confidence Index for Mar 2017 – Forecast 16, versus 17.4 previous.
US Factory orders Jan 2017 (MoM) - Forecast +1.2%, versus +1.3% previous.
Author
Aayush Jindal
TitanFX
I have spent over six years as a financial markets contributor and observer, and possess strong technical analytical skills. I am a software engineer by profession, loves blogging and observing financial markets.
