DAIILY EUR/USD TECHNICAL OUTLOOK
Last Update At 04 Mar 2015 23:53GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.1108
55 HR EMA
1.1148
Trend Hourly Chart
Bullish convergences
Hourly Indicators
31
13 HR RSI
Down
14 HR DMI
-ve
Daily Analysis
Resumption of LT downtrend
Resistance
1.1270 - 09 Feb low (now res)
1.1155 - Tue's low (now res)
1.1215 - Y'day's European low (now res)
Support
1.1061 - Y'day's fresh 11-yr low
1.1000 - Psychological sup
1.0956 - 50% proj. of 1.2254-1.1098 fm 1.1534
. EUR/USD - 1.1183... The single currency remained under pressure in Asia on Wed n fell sharply to 1.1115 in European morning after release of poor German n EZ services PMI. Later, euro then tumbled to a fresh 11-year trough at 1.1061 after penetrating Jan's 1.1098 low in NY morning b4 moving narrowly.
. Looking at the hourly n daily charts, y'day's breach of Jan's trough at 1.1098 to a fresh 11-year low at 1.1062 suggests LT downtrend fm 2008 record high at 1.6040 has resumed n further weakness twd 'psychological' lvl at 1.1000 is on the cards, a daily close below wud extend marginally, however, as hourly n daily indicators have displayed bullish convergences, steep decline below there is unlikely to be seen n reckon 1.0956, being 50% projection of intermediate fall fm 1.2254-1.1098 measured fm 1.1534, shud remain intact n yield a long-over due correction next week. On the upside, a daily close abv 1.1155 wud be the 1st signal temporary low has been made n yield retrace. twd 1.1241/45.
. Today, euro is expected to remain under pressure ahead of ECB press conference where President Draghi will announce details of QE launch. Selling on recovery is the way to go n only abv 1.1155 wud signal a temp. low is in place.
Recommended Content
Editors’ Picks
EUR/USD holds firm above 1.0700 ahead of German inflation data
EUR/USD trades on a firm footing above 1.0700 early Monday. The pair stays underpinned by a softer US Dollar, courtesy of the USD/JPY sell-off and a risk-friendly market environment. Germany's inflation data is next in focus.
USD/JPY recovers after testing 155.00 on likely Japanese intervention
USD/JPY is recovering ground after crashing to 155.00 on what seemed like a Japanese FX intervention. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Holiday-thinned trading exaggerates the USD/JPY price action.
Gold price bulls move to the sidelines as focus shifts to the crucial FOMC policy meeting
Gold price struggles to capitalize on its modest gains registered over the past two trading days and edges lower on the first day of a new week, albeit the downside remains cushioned.
Ripple CTO shares take on ETHgate controversy, XRP holders await SEC opposition brief filing
Ripple loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission filing of opposition brief to Ripple’s motion to strike expert testimony.
Week ahead: FOMC and jobs data in sight
May kicks off with the Federal Open Market Committee meeting and will be one to watch, scheduled to make the airwaves on Wednesday. It’s pretty much a sealed deal for a no-change decision at this week’s meeting.