Technical analysis and trading recommendation of EUR against USD,YEN &GBP for March 13, 2015
March 13, 2015 8:30 am
EUR/USD
Weak US data helped the euro to rebound from a 12-year low against USD. In a longer term view, the pair is trading at the monthly support trend line. The euro gained 0.6% against USD at the yesterday’s session. The pair made a fresh low at 1.0495 and managed to close with gains. Compared to the previous month, consumer prices were up 0.9% in February 2015. Consumer prices in Germany were 0.1% higher in February 2015 compared with February 2014. Today traders eye on the US PPI and core PPI data.
For the intraday view, the pair founds support at 1.0570 35hrDEMA. Resistance is seen at 1.0690 and 1.0775 34hrsma. We can expect a relief rally in case the price closes above 1.0775. Eventually, it can go below 1.0000. Ahead of strong data, the euro is trading lower against USD, GBP, JPY, and AUD. Until prices close below 1.00780, use every rise to sell this week. Forget buying until the price closes below 1.0780 on a positional basis. The longer-term target is seen at 0.9000 in case prices close below 1.0760 on a monthly basis. The downtrend remains strong. We recommend lower targets at sub 1.1000 initially and 0.9000 – later.
Resistance: 1.0740, 1.0780, 1.0825
Support: 1.0680, 1.0600, 1.0560
Trade: Use a rise to sell
Intraday, selling below 1.0570
EUR/JPY
In February 2015, the Consumer Confidence Index (seasonally adjusted series) was 40.7, 1.6 points up from the previous month, the Cabinet Office survey showed on Thursday. The beaten down euro paused its fall and gave a strong close at the yesterday’s session. Today, Japan is expected to release data about industrial production. Ahead of data, the yen is trading higher against the euro at the Asian session. The cross broke the previous swing low. Bulls must manage to close above 129.60 200Wema. Bulls are likely to get back on track in case the price close above 130.20. Until bears have the upper hand, favours sell on rise is still in play. The pair held at 138.00% the fib level on the h4chart. For the intraday view, we recommend buying above 129.05 with small targets at 129.20, 129.60, and 130.10. We are not aggressive on buying until prices close above 130.20 or at least 129.60. We recommend intraday selling below 128.25 with targets at 128.00, 127.70, and 126.50. Until the price closes below 130.15, the bearish view remains in play.
EUR/GBP
As we advised earlier (March 10th ) the pair must touch between 0.7100 and 0.7088 before moving up further. The cross made even lower at 0.7011. We recommended selling below 0.7170 with targets at 0.7110, 0.7100, and 0.7088. At the Asian session the euro is trading lower against the pound. For the intraday trading, we recommend selling with sl 0.7150 with targets at 0.7115, 0.7090, and 0.7070. In case the price move above 0.7150, we can expect a strong upswing towards 0.7240.
Trade:Buying above 0.7160
Risky traders selling with sl 0.7150
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD
Weak US data helped the euro to rebound from a 12-year low against USD. In a longer term
view, the pair is trading at the monthly support trend line. The euro gained 0.6%
against USD at the yesterday’s session. The pair made a fresh low at 1.0495 and
managed to close with gains. Compared to the previous month, consumer prices
were up 0.9% in February 2015. Consumer
prices in Germany were 0.1% higher in February 2015 compared with February 2014.
Today traders eye on the US PPI and core PPI data.
For the intraday view, the pair founds support at 1.0570
35hrDEMA. Resistance is seen at 1.0690 and 1.0775 34hrsma. We can expect a relief
rally in case the price closes above 1.0775. Eventually,
it can go below 1.0000. Ahead of strong data, the euro is trading lower
against USD, GBP, JPY, and AUD. Until prices close below 1.00780, use every
rise to sell this week. Forget buying until the price closes below 1.0780 on a
positional basis. The longer-term target is seen at 0.9000 in case prices close
below 1.0760 on a monthly basis. The downtrend remains strong. We recommend lower targets at sub 1.1000 initially and 0.9000 – later.
Resistance: 1.0740, 1.0780, 1.0825
Support: 1.0680, 1.0600, 1.0560
Trade: Use a rise to sell
Intraday, selling below 1.0570
EUR/JPY
In February 2015, the Consumer Confidence Index (seasonally adjusted
series) was 40.7, 1.6 points up from the previous month, the Cabinet Office survey showed on Thursday. The beaten down euro paused its fall and
gave a strong close at the yesterday’s session. Today, Japan is expected to release data about industrial production. Ahead of data, the yen is trading higher against the euro at the Asian session. The cross broke the previous swing low. Bulls must manage
to close above 129.60 200Wema. Bulls are likely to get back on track in case the price close above 130.20. Until bears have the upper hand, favours sell on rise is still in play. The pair held at 138.00% the
fib level on the h4chart. For the intraday view, we recommend buying above 129.05 with small targets at 129.20, 129.60,
and 130.10. We are not aggressive on buying until prices close
above 130.20 or at least 129.60. We recommend intraday selling below 128.25 with
targets at 128.00, 127.70, and 126.50. Until the price closes below 130.15, the
bearish view remains in play.
EUR/GBP
As we advised earlier (March 10th ) the pair must
touch between 0.7100 and 0.7088 before moving up further. The cross made even
lower at 0.7011. We recommended selling below 0.7170 with targets at 0.7110,
0.7100, and 0.7088. At the Asian session the euro is trading lower against the pound. For the intraday trading, we recommend selling with sl 0.7150 with targets at 0.7115, 0.7090, and
0.7070. In case the price move above 0.7150, we can expect a strong upswing towards
0.7240.
Trade:Buying above 0.7160
Risky
traders selling with sl 0.7150
The material has been provided by InstaForex Company – www.instaforex.com
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