Forex Technical Outlook For EUR/USD (Daily)
$EURUSD, $DXY
EUR/USD
The technical picture for the single currency shows that it set to break North.
On the economic front
The EU economic sentiment index fell for January, down to 105.0, below the expected 106.4.
German inflation was up in January to 0.5% Y-Y, from 0.3% in December, on the back of higher food prices.
On the month: German prices dropped by 0.8%.
US Durable Goods Orders came in much worse than expected as monthly basis it fell by 5.1%, while the US weekly unemployment claims came out at 278-K for the week ending 22 January.
WTI Crude Oil popped up to 34.80 before fading towards 33.00 into the close.
On the Euro
The EUR/USD advanced for a 4th day running, and holds near a daily high set at 1.0957, where a daily descendant trend line coming from December high, finally capped the advance.
The technical picture for the single currency shows that it set to break North, given that its ending the day above a Key Fibo mark, and it's also above its 100-Day MA, closing above it for the 1st time since last October.
Short term, the 1 hour shows that the technical indicators hang near overbought, while the 20-Day MA heads North around the 1.0900 mark, acting as an intra-day support.
In the 4 hours, the price has moved away from its moving averages, the Momentum indicator presents a clear North slope supporting further advances particularly on an upward acceleration above 1.0960.
Support marks:1.0930 1.0900 1.0860
Resistance marks: 1.0960 1.1000 1.1045
Position: Bullish
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader.
Stay tuned…
HeffX-LTN
Paul Ebeling
Paul Ebeling is best known for his work as writer and publisher of "The Red Roadmaster's Technical Report" on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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