EUR/USD right below 1.0691 resistance
March 6, 2023 5:22 pmVideo
Latest News
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
The EUR/USD pair rallied in the short term as the Dollar Index dropped again. Now, it’s trading at 1.0683, far above 1.0622 today’s low. In the short term, the upside pressure remains high, so further growth could be possible.
Fundamentally, the Eurozone Retail Sales rose by 0.3% less compared to the 0.7% growth estimated, while Sentix Investor Confidence came in at -11.1 points below -5.6 points expected. On the other hand, the US Factory orders dropped by 1.6% compared to 1.8% drop estimated and versus the 1.7% growth in the previous reporting period. Tomorrow, the German Factory Orders and the Fed Chair Powell Testifies should move the rate.
EUR/USD Strongly Bullish!
EUR/USD pair is almost to reach the 1.0691 former high which represents an upside obstacle. After its strong rally, we cannot exclude a temporary drop. The rate could come back to test and retest the median line (ml) before jumping higher again.
Consolidation above the median line (ml) announces that the price accumulates more bullish energy before jumping towards new highs.
EUR/USD Forecast!
A valid breakout above 1.0687 activates further growth. A bullish closure above this obstacle is seen as a bullish signal. The upper median line (uml) represents an upside target and new obstacle.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: