EURUSD: 1.0668
EurUsd has had a very quiet session (1.0642/1.0680)
The price action on Monday has seen the Euro hold up just ahead of the minor rising trend support, and with the short term momentum indicators now looking a little more supportive it looks as though this will hold for the next few hours at least.
The dailies appear to be pointing increasingly lower though, and if we break below the trend support it could be that we see a test of the 100 DMA at 1.0625, below which would find further bids at 1.0590/1.0600. Further out, Fibo support level lies at 1.0550, below which could see a run towards the March low of 1.0498. On the topside, with the short term momentum indicators looking a little more supportive today, we could see another squeeze back to the session high of 1.0680 and then to Friday’s high of 1.0701. Above there, resistance will be seen at the various Fibo levels, beginning at 1.0743. As before, selling rallies is mildly preferred, with a SL placed above 1.0750 but looking for a run to 1.0625, possibly lower. The coming session may be quiet, while waiting for the more noteworthy action due later in the week, and 1.0625/1.0700 may cover it today.
| 24 Hour: Prefer to sell rallies | Medium Term: Mildly bearish | ||
| Resistance | Support | ||
| 1.0775 | (50% pivot of 1.0906/1.0642) | 1.0642 | Session low /Rising trend support |
| 1.0743 | (38.2% of 1.0906/1.0642) | 1.0625 | 100 DMA |
| 1.0720 | Minor | 1.0600 | Minor |
| 1.0701 | Friday high / (23.6% of 1.0906/1.0642) | 1.0588 | (76.4% of 1.0494/1.1906) |
| 1.0680 | Session high | 1.0555 | (61.8% of 1.0340/1.0906) |
Economic data highlights will include:
T: EU Retail Sales (Feb), US Trade Balance, ISM NY Index, API Weekly Crude Oil Stock Inventory
Interested in EURUSD technicals? Check out the key levels
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.
Recommended Content
Editors’ Picks
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 inflation forecast, disappointing the Japanese Yen buyers.
AUD/USD consolidates gains above 0.6500 after Australian PPI data
AUD/USD is consolidating gains above 0.6500 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.