EURUSD Technical Outlook (Daily)
The EURUSD traded uneventfully for a 2nd straight day, ending flat to unchanged around 1.1380.
With no major macro-economic data on tap, speculators struggle to find a new direction for the pair, after it topped at 1.1615, and completed a 50% Fibo downward correction.
Germany released disappointing Industrial Production data for Match, up Y-Y by 0.3%, Vs expectation of a 1.0% advance, while monthly basis it declined by 1.3%. The nation’s trade balance for the same month posted a larger than expected surplus of EUR 23.6-B.
In the US the JOLTS job opening report showed that the number of job openings increased to 5.757-M in March from a revised 5.608-M in February., there are none qualified for such jobs.
Wholesale inventories in the US held at 0.1% in March, sales rose 0.7%, the biggest monthly increase since April 2015.
From a technical outlook, EURUSD is on the edge of a downward breakout, barely holding around the 61.8% Fibo retracement of its latest daily Bullish run at 1.1370.
In the 4 hours early attempts of advancing were contained by a Bearish 20-Day SMA, the technical indicators headed South below their mid-lines, lacking momentum. So, as long as the price remains unable to recover above 1.1420, the risk is towards the Soouthside to test the 1.1280/1.1300 zone.
Support marks:1.1335 1.1290 1.1250
Resistance marks: 1.1420 1.1460 1.1500
Latest posts by Paul Ebeling (see all)
- Medical Marijuana Update - December 3, 2016
- Senior US Senators Want to Amend Saudi 9/11 Law - December 3, 2016
- Key Tasks for China’s Supply-side Structural Reform - December 3, 2016