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.
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 retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold drops below $2,320 as US yields shoot higher
Gold lost its traction and turned negative on the day below $2,320 in the American session on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, weighing on XAU/USD.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.