In the early European session the EUR/USD pair reached a fresh
high at 1.0720,later on returned to 1.0675/70 area and currently is placed around 1.07 handle. The US dollar
was set under huge pressure and the pair was boosted by the sell-offs of the
greenback.
The German ZEW survey delivered mixed sentiment and passed
quite unnoticed. The US manufacturing index is out of the expectations and
brought another downside pressure on the US dollar. But nevertheless, the star
of the day was the UK PM’s speech, who shined with another set of devoted
measures towards the Parliament vote.
Technically speaking, the EUR/USD pair is seen uplifted today. Nevertheless a
push beyond 1.0706 (38.2%
Fibonacci retracement of latest November to January slide) seems to be an
extremely hard task, although the pair keeps the intraday bias above 1.0650,which
is a an immediate support.
As seen on the H4 chart, the pair is moving
above the moving averages. Technical indicators are located within strong
overbought market. RSI nears 70 level, but is showing lack of strength.
Stochastic is placed at extreme levels and is indicating lack of momentum.
While beingwithin
positive territory both indicators do
not confirm any further slides to above.
Important levels to consider for now are 1.0650 (intermediate support) and
1.0610. Looking upwards we must pay attention to resistances located at 1.0710
and 1.0750.
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