EURUSD Technical Outlook (Daily)
EURUSD: The EURUSD pair traded flat for a 2nd day running, stuck around the 50% Fibo retracement of its May decline, the price zone reached after the grim US NFPs report put the Buck in selloff mode.
Tuesday, the pair held within Monday’s range, as a thin economic calendar did not move participants.
The Eurozone Q-1 GDP confirmed that the region grew just 0.6% during Q-1 if this year.
The most relevant piece of news coming from the US was the IBD/TIPP Economic Optimism Index that dropped 0.5 points, or 1.0%, in June, posting a reading of 48.2 Vs 48.7 in May and expectations of 49.1.
As for the technical picture
EURUSD has little directional strength in here, and there are good chances that it will continue trading range bound ahead of next week’s US FOMC meeting.
Overall, technical readings favor the Northside, as in the 4 hours, the 20-Day SMA has extended its rally after crossing the 100-Day SMA and is about to advance beyond the 200-Day SMA, while the RSI indicator consolidates in overbought territory, and the Momentum indicator keeps correcting extreme readings, heading South within positive territory.
The Key support mark towards the Southside stands at 1.1280/90, where buying interest can surge on dips, the critical resistance comes at 1.1460 a major long term mark.
Support marks:1.1330 1.1280 1.1240
Resistance mars: 1.1415 1.1460 1.1500
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