Current trend
Yesterday EUR significantly decreased against USD and balanced its growth of the middle of the week due to the poor EU macroeconomic data and strengthening of US dollar.
In February, EU Industrial Production decreased by 0.8% MoM after the decrease by 0.6% MoM in the previous month. The analysts expected the growth by 0.1% MoM. The YoY index slowed from +3.7% in January to +2.9% YoY in February against the forecast of +3.8% YoY.
On Friday the traders are focused on March Germany Inflation data and February EU Trade Balance releases. German CPI is expected to stay at the levels of 1.6% YoY and 0.4% MoM. EU trade Balance surplus can grow from 19.9 billion to 20.2 billion EUR.
Support and resistance
On the daily chart, Bollinger Bands are falling. The price range is narrowing, reflecting the change of the trade direction in the very short term.
Short positions can be opened in the short or very short term.
Resistance levels: 1.2343, 1.2382, 1.2411, 1.2444.
Support levels: 1.2312, 1.2289, 1.2257, 1.2235.
Trading tips
Long positions can be opened after the rebound at the level of 1.2312 and the breakout of the level 1.2343 upwards with the targets at 1.2382 or 1.2400–1.2411. Stop loss is not far as 1.2300.
Short positions can be opened after the breakdown of the level 1.2312 with the target at 1.2257 and stop loss 1.2343.
Implementation period: 2–3 days.
Scenario
Timeframe Intraday
Recommendation BUY LIMIT
Entry Point 1.2312
Take Profit 1.2382, 1.2400, 1.2411
Stop Loss 1.2300
Key Levels 1.2235, 1.2257, 1.2289, 1.2312, 1.2343, 1.2382, 1.2411, 1.2444
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2295
Take Profit 1.2257
Stop Loss 1.2343
Key Levels 1.2235, 1.2257, 1.2289, 1.2312, 1.2343, 1.2382, 1.2411, 1.2444
Yesterday EUR significantly decreased against USD and balanced its growth of the middle of the week due to the poor EU macroeconomic data and strengthening of US dollar.
In February, EU Industrial Production decreased by 0.8% MoM after the decrease by 0.6% MoM in the previous month. The analysts expected the growth by 0.1% MoM. The YoY index slowed from +3.7% in January to +2.9% YoY in February against the forecast of +3.8% YoY.
On Friday the traders are focused on March Germany Inflation data and February EU Trade Balance releases. German CPI is expected to stay at the levels of 1.6% YoY and 0.4% MoM. EU trade Balance surplus can grow from 19.9 billion to 20.2 billion EUR.
Support and resistance
On the daily chart, Bollinger Bands are falling. The price range is narrowing, reflecting the change of the trade direction in the very short term.
Short positions can be opened in the short or very short term.
Resistance levels: 1.2343, 1.2382, 1.2411, 1.2444.
Support levels: 1.2312, 1.2289, 1.2257, 1.2235.
Trading tips
Long positions can be opened after the rebound at the level of 1.2312 and the breakout of the level 1.2343 upwards with the targets at 1.2382 or 1.2400–1.2411. Stop loss is not far as 1.2300.
Short positions can be opened after the breakdown of the level 1.2312 with the target at 1.2257 and stop loss 1.2343.
Implementation period: 2–3 days.
Scenario
Timeframe Intraday
Recommendation BUY LIMIT
Entry Point 1.2312
Take Profit 1.2382, 1.2400, 1.2411
Stop Loss 1.2300
Key Levels 1.2235, 1.2257, 1.2289, 1.2312, 1.2343, 1.2382, 1.2411, 1.2444
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2295
Take Profit 1.2257
Stop Loss 1.2343
Key Levels 1.2235, 1.2257, 1.2289, 1.2312, 1.2343, 1.2382, 1.2411, 1.2444