EURUSD Technical Outlook (Daily)

EURUSD Technical Outlook (Daily)

Euro

$EURUSD

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

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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