Eur/usd - page 401
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Germany import price index Jan mm -1.5% vs -1.0% exp
Retail Sales:
Softer import prices no real surprise . Stronger retails will be welcome suggesting stronger domestic demand.
On the last Friday’s session the EURUSD initially rose but found enough resistance at the 10-day moving average to reverse and close near the low of the day, in addition managed to close below the previous day low, suggesting a strong bearish momentum.
The pair is trading below the 10, 50 and the 200-day moving averages that are acting as dynamic resistances.
The key levels to watch are: A daily resistance at 1.1097, the 10-day moving average at 1.1063 (resistance), the 200-day moving average at 1.1024 (resistance), 50-day moving average at 1.0984 (resistance), a daily support at 1.0900 and other daily support at 1.0819.
Euro Inflation Falls in Feb, Unlikely to Cheer Draghi: CPI Annual euro area inflation rate slackened in February and fell for the first time since September, a preliminary print showed on Monday, with the headline gauge still hovering deeply below the levels desired in the European Central Bank's (ECB) shiny Frankfurt headquarters.
Consumer prices in the 19-nation euro bloc trashed 0.2% on an annual and seasonally adjusted basis in the second month of the year, the highly anticipated headline CPI from Eurostat revealed. That's down from the 0.4% growth seen in January.
Market estimates had been for a milder deceleration to a 0.1% uptick.
Meanwhile, the core measure - harmonized non-seasonally adjusted CPI, stripped of alcohol, tobacco, food and energy - rose 0.7% (on an annual and non-seasonally adjusted basis) in the reported month, down from the 1.0% build seen in January.
Analysts had expected a 0.9% figure.
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The EUR/USD is trading below support in today's hours of the European session. Price reached 1.0879 as today's low so far and is now currently trading at 1.0890. With the US economy gaining strength, the momentum of the positive news on Friday is still being felt.
Technically speaking, we can expect 1.0840 to act as a first support due to prior pivot point being met. If this level is wiped, second support level is seen at 1.08 as a psychological support.
Major resistance that bulls have to take out is the level of 1.1050 which is the 200SMA and the lower trend line on the long-term ascending channel.
a second drop today for the EUR/USD, price is heading towards the next support level 1.0810. It is safe to close my position around 1.0850.
As a result of the disappointing CPI numbers , the euro trimmed its pre-market gains to trade down 0.31% at $1.0892.
The EUR/USD support level at 1.0850 is tested and breaking below it will open the door to the pair to test the 1.0830.
Italy Markit mftg PMI Feb 52.2 vs 52.3 exp Latest Italian PMI data out now Not going to rattle any cages.
French final mftg PMI out next.
Yesterday the EURUSD initially rose but found enough selling pressure to turn around and closed near the low of the day, in addition managed to close below the previous day low, suggesting a strong bearish momentum.
The pair is trading below the 10, 50 and the 200-day moving averages that are acting as dynamic resistances.
The key levels to watch are: A daily resistance at 1.1097, the 200-day moving average at 1.1021 (resistance), the 10-day moving average at 1.0993 (resistance), 50-day moving average at 1.0984 (resistance), a daily resistance at 1.0900 and a daily support at 1.0819.
Italian Economy Returns to Positive Path After 3 Years: GDP Annual economic growth (GDP) in Italy showed new signs of recovery, with the data posting the highest levels since 2011, official data from the national statistical office (ISTAT) showed on Tuesday.
Italy's GDP expanded 0.8% in 2015, sharply up from the revised -0.3% posted in the previous year.
Furthermore, the budget deficit in Italy, measuring the difference between the government revenue and spending, booked 2.6% of GDP in 2015, down from 3.0% in 2014. The numbers came in line with the Italian government and the European Commission (EC) predictions of 2.6% in 2015.
The allowable government deficit is defined in the Maastricht Treaty as one of the five criteria which must be met by the euro zone members, and the ratio of the annual government deficit to the GDP must not exceed 3%.
The other four criteria are inflation that may not exceed the average of the three EU member states with the lowest inflation by more than 1.5%, national public debt below 60% of the GDP, long-term interest rates of maximum 2% above the rate in three member states with the lowest inflation, as well as participation in the ERM II exchange rate mechanism for two years to demonstrate exchange rate stability.
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