Forex Technical Outlook For EUR/USD (Daily)
$EURUSD, $DXY
Euro
EUR/USD
After hitting fresh highs Vs the Euro and the GBP during the European session, the USD gave up most of its early gains as it took a hit from disappointing economic data.
US Markit services PMI fell to 49.8 in February, below the 53.5 expected.
US new home sales dropped by 9.2% in January, much more than the expected fall of 4.4%.
EUR/USD bounced from a 3 week low of 1.0957 and regained the 1.1000 mark, erasing almost completely intra-day losses.
The single currency lacked momentum to extend the recovery beyond the 1.1025 area, and settled just below that mark.
Technically speaking, EUR/USD maintains the short term negative perspective, with spot capped below the 20-Day MA in the 4 hours, and indicators attempting bounces below their mid-lines.
The negative outlook seems stronger in the daily, as per indicators heading lower, but it will take a decisive break below 1.0960, Fibo 61.8% of 1.0710/1.1376 rise, to confirm Bearish resumption of pullback from 1.1376 and expose Y 2016 lows.
Support marks:1.0960 1.0900 1.0880
Resistance marks: 1.1050 1.1090 1.1140
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
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