EUR USD TECHNICAL ANALYSIS FORECAST
EURUSD is currently stranded between two strong barriers 1.2070-1.2560, the US Dollar might still be weakened by US-China trade tensions that could actually put additional upward pressure on the Euro, but don’t forget that we have this week non-farm payroll data us, this event could cause large movements on forex
You can clearly see the long stretch of the Euro that has been in place since February Hacking, or breaking the price of the down-price of the price belt, will lead to a move of the same magnitude as the range and formed to move up from the breakout – there is major serious obstacle in the upper bounds who located in the same price area target
Eurozone manufacturing PMI confirmed at 56.6, unchanged from the preliminary March reading and down from 58.6 in February. but dynamics are slowing down according to Markit. At the same time, though Markit highlighted “increased signs of supply chain constraints” that are “reining in output growth and raising input prices”. So while the headline rate is down, that won’t remove the arguments for a phasing out of QE as an ongoing monetary stimulus in this situation will only acerbate the problems.
cot position reflects that traders added long positions on the euro
The buildup in euro longs in January was likely driven by the December ECB minutes, which were released on January 11, since the minutes revealed that ECB members thought that “The language pertaining to various dimensions of the monetary policy stance and forward guidance could be revisited early in the coming year, will it go again below 1.20 or break up the last topping?
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| EUR USD ANALYSIS |
EUR/USD Technical analysis:
EUR/USD rose failed to take out 1.2560 resistance and retreated, break up again on daily basis 1.2560 price level will confirm medium term rally resumption and target next key Fibonacci level at 1.2830,It’s still early to decide whether price action form 1.0339 is developing into a corrective or impulsive pattern, In the bigger picture this is still seen as a corrective move for the moment.
in case of another rally, we’d expect 38.2% retracement of 1.6039 to 1.0339 at 1.2560 to limit upside and or even to yellow strip at 1.2830 and bring reversal.
Look EUR USD PRICE BELT- same in the past, if this is the case we should expect for higher area prices, but it should bring before small correction to 1.2070-1.2130for my opinion
Eurusd 1.2060-1.2130 support zone price area – 1.2830 resistance zone
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| EUR USD PRICE ANALYSIS |
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| EUR USD FORECAST |
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