Eur/usd - page 409
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Interesting levels to warch for:
Support: 1.1070; 1.0945; 1.0790;
Resistance: 1.1240; 1.1380.
The EUR/USD is trading lower today due to technicals and fundamentals combined. Main trend remains bullish, but a correction is currently taking place and driving price down below 1.11. First support 1.1060. First resistance 1.1135.
EUR/USD: Buck Regains Positions on Super Wednesday, Fed Looms The greenback modestly strengthened against its euro peer on Wednesday, as traders digested a set of new macro updates from the US, namely upbeat CPI excluding food and energy prices on the annual basis in February.
Therefore, the EUR/USD cross extended its slide from the one-month high at $1.1218 seen March 10, where the euro had spiked amid a period of significantly higher volatility on forex markets.
Initially, the pair dropped in reaction to the new monetary stimulus by the European Central Bank (ECB), but subsequent comments by ECB President Mario Draghi against further rate cuts catapulted the cross about 400 pips higher.
Meanwhile, the buck regrouped and the EUR/USD was trading 0.36% lower at $1.1068 on Wednesday, but a similar volatility burst might happen later in the afternoon, based on the Federal Reserve's (Fed) rate decision, economic projections and Chair Janet Yellen's press conference.
The single currency recorded a significant growth against the dollar yesterday after the Federal Reserve left interest rates unchanged. Extreme values were reached at 1.1241 and 1.1057. The main technical outlook remains neutral, but as long as stays above 1.1065, the price is still in the upward phase.
Yesterday EURUSD rose with a wide range and closed near the high of the day, in addition managed to close above the previous day high also engulfing the previous four days suggesting a strong bullish momentum.
The pair continues to trade above the 10, 50 and the 200-day moving averages that are acting as dynamic support.
According to Janet Yellen the economic activity has been expanding at a moderate pace however lowered the GDP growth plus inflation estimates for this year and 2017.
The key levels to watch are: A daily resistance at 1.1556, other daily resistance at 1.1459, the year high at 1.1376 (resistance), a daily support at 1.1237, the 10-day moving average at 1.1121 (support) and a daily support at 1.1097.
Italy total trade balance Jan +€35m vs +6.02bln prev Latest Italian trade balance data for January
A big miss on previous total trade balance only partially tempered by better results closer to home.
Meanwhile EURUSD giving up on 1.1300 for the moment and dropping back to 1.1276. EURGBP still close to breaching 0.7900 but no further advances while EURJPY rally from 125.60 falters into 126.20.
The EUR/USD rose to a new highs amid dovish tone by the FED. The pair is currently trading at 1.1330 with a high of 1.1342. First strong resistance is seen at 1.1410, while first strong support is seen at 1.1150.
The EUR/USD rose to a new highs amid dovish tone by the FED. The pair is currently trading at 1.1330 with a high of 1.1342. First strong resistance is seen at 1.1410, while first strong support is seen at 1.1150.
Why do you think that 1.115 is a support?
The single currency continued to add value against the dollar during yesterday's session, gaining almost 100 pips to 1.1314. Trading took place within the extreme values 1.1205 and 1.1342, and thus the euro scored a one month peak. Currently, the bulls remain in a leading position as an immediate target appears to be 1.1380.
Yesterday EURUSD rose again but this time with a narrow range and closed near the high of the day, in addition managed to close above the previous day high, suggesting a strong bullish momentum.
The pair continues to trade above the 10, 50 and the 200-day moving averages that are acting as dynamic support.
Today we may see some sell as traders close some positions due to profit taking and not hold full positions over the weekend.
The key levels to watch are: A daily resistance at 1.1556, other daily resistance at 1.1459, the year high at 1.1376 (resistance), a daily support at 1.1237, the 10-day moving average at 1.1152 (support) and a daily support at 1.1097.