Technical Analysis for EURUSD (Daily)

Technical Analysis for EURUSD (Daily)

Technical Analysis for EURUSD (Daily)




The majors currency pairs saw a lackluster Monday with little definitions, but the USD edged lower and the GBP outperformed due to diminishing fears over a Brexit.

A light macro-economic calendar and some soft date in the US housing sector during the American afternoon led the Buck’s decline during the US session, although weaker commodities weighed on the AUD and CAD, which closed the day pretty much Unchanged from Friday’s closes.

In the EU Germany released its IFO survey, which missed market’s expectations in April, but showed that sentiment remained stable, as the assessment of the current situation down to 113.2 from 113.6, and expectations up to 100.4, above March 100.0, but just below expectations of 100.8.

In the US, New Home sales decreased 1.5% in March to a 511,000 annualized pace, missing the consensus forecast of a gain to 520,000.

The equity markets focus is on the upcoming US Fed and BOJ’s meetings, both expected to shed some light on economic policies. The 1st (FOMC) is expected to take a step towards a new rate hike, the 2nd (BOJ) is expected to maintain the stimulus path.

The EURUSD fell down to 1.1215 early in Asia, but was unable to extend its fall below a Key support at the 38.2% Fibo retracement of the latest daily advance around 1.1220, and worked througout the day to recover some ground up to 1.1277.

The single currency may advance further, up to the 1.1310 region, the 23.6% Fibo retracement of the rally, given that in the 4 hours, the price is aiming to advance above a Bearish 20-Day SMA, as the technical indicators maintain Bullish slopes within negative territory, but remain below their mid-lines.

Support marks:1.1250 1.1220 1.1160
Resistance marks: 1.1315 1.1340 1.1380

Stay tuned…

Paul Ebeling

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

You must be logged in to post comments :