covering story was developed in the previous week, which helped the pair to recover
2% of its losses. The dovish Federal Reserve statement helped the euro to gain ground against the US dollar. As we expected, shocking upswing wild
moves took place that informs us of short reinforcement. After the FOMC meeting, Greece’s
tensions again came to existence. Greece’s Prime Minister Tsipras relies on EU funds. David Cameron said on Friday that EU leaders and officials will breathe “a sigh of
relief” if he loses the general elections in May. Technically
and fundamentally the euro looks bearish towards the 0.9000 levels.
traders eye ECB President Draghi’s speech in Brussels. Consumer confidence index is expected to give an uptick. It’s been improving for the last 3 months. Besides, German Bundesbank monthly
report is due. If Draghi’s speech and Consumer confidence data deliver an optimistic view on the eurozone short, the single European currency will extend an upward bias to 1.1200. But the chances are remote.
The pair has
been facing strong resistance at 20Dsma. The pair has been rejected thrice from
20Dsma. At today’s early Asian session, it was again rejected. The prices are
closed and trading above hourly moving averages. Until the price closes above 1.0600,
bulls are trying to hold their grip. This view is valid for this week. Weekly
resistance seems at 1.0920, 1.1450, and 1.1635. Support is found at 1.0600 and
1.0460. In case the price closes below 1.0460, bears can challenge 1.000 and 0.9900 in the near term.
Support is found
at 1.0700 and resistance seems at 1.0920. We recommend fresh buying only above
1.0920 with targets at 1.1000 and 1.1035. In case of the negative economic data, sell below 1.0700 with targets at 1.0620, 1.0600, 1.0580, and 1.0550. Panic will be
triggered below 1.0580.
Trade: buying above 1.0920.
traders can sell with sl 1.0890.
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