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.

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