Forex Technical Outlook For EUR/USD (Daily)
$EURUSD, $DXY
EUR/USD
Market kept selling the Buck Wednesday, on the back of Ms. Yellen comments Tuesday, stressing the need for a cautious stance on interest rate increases.
The EUR/USD rose to 1.1364 in spite of weak data coming from Europe as the EU economic sentiment indicator decreased to 103.0 in March, missing expectations.
Consumer confidence in the same month held steady at 9.7.
Financial markets ignored data from the US, showing that the private sector added 200,000 jobs in March according to the ADP survey, beating expectations, whilst February reading saw a downward revision to 205,000.
The USD bounced a bit after Fed´s Evans said that the accommodative policy is still appropriate, and that 2 interest rate hikes are possible this year, given the strength of the US economy.
US policy makers are bound and determined to confuse participants.
The USD ends the day sharply lower against all of its peers, and technical readings suggest that the latest decline in the single currency may be going corrective, given that the price remains near this year high at 1.1375, and the level to break to confirm additional gains
The technical indicators are retreating partially from overbought readings,but far from indicating a continued decline.
Support marks: 1.1290 1.1245 1.1190
Resistance marks: 1.1375 1.1420 1.1460
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 tech 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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