Technical Analysis for EURUSD (Daily)

Technical Analysis for EURUSD (Daily)




The US Fed (FOMC), the Bank of Japan (BOJ) decided to stay the course, with Mr. Kuroda saying they need more time to assess the effects of negative rates.

The EURUSD pair, despite reaching a WTD high at 1.1367, was unable to benefit, as data coming from both sides of the Atlantic was mixed.

US data showed the 1st GDP for Q-1 estimate for the economy grew at an anemic annualized rate of 0.5% Vs the 0.7% expected, the slowest pace in 2 years, underlying the slowdown suffered by the US economy since Q-4 of Y  of 2015.

The EURUSD broke above the 1.1315 Fibo mark early in Asia, and retracements towards the mark during the next sessions attracted buying interest.

The 4 hours presents a Neutral-to-Bullish stance, as the technical indicators are flat within positive territory, but the price is above its MA’s, with the 20-Day SMA heading North at 1.1310.

The pair has to break the strong resistance in the 1.1380/90 region to be able to advance to a retest of the 1.1460 price zone, a Key long term resistance mark.

Support marks:1.1315 1.1270 1.1230
Resistance marks: 1.1385 1.1420 1.1460

Stay tuned…

Paul Ebeling

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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.

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