EUR/USD Revives Ahead of Local Data
EUR/USD slipped slightly below the 1.06 threshold yesterday and today, for the first time in 3 weeks pressured by strong US dollar performance. Dow Jones, S&P 500, Nasdaq, and Russel 2000 were on top performance yesterday, all pushed higher yesterday and along with it US Index scoring a 101.11 Feb-fresh-highs. EUR index was on opposite attitude, hitting 86.42 three weeks low, pulling EUR/USD behind as the pair bottomed at 1.0591 Feb-fresh-lows. Currently the cable is trading 1.0619, slightly above its Daily Pp 1.0615.
Trend : Bearish Sideways
Key levels to watch : Daily Pp 1.0615
Resistance levels : R1 1.0650, R2 1.0706, R3 1.0750, R4 1.0795
Support levels : S1 1.0578, S2 1.0523, S3 1.0475, S4 1.0420
Remark : Last week and yesterday's slip triggers further negative attitude at the pair and a warning for secondary selloffs. Stalling below 1.0600 level will send a negative shock wave which could result in further selloffs and wash towards S2&S3 levels. On the other hand, closing above R1 will fuel further attacks towards R2 level at which the cable will shift to bullish momentum. Look forward for US data today and tomorrow at 1:30 PM and Yellen speech today as it's the main key player (Fundamentals) in the market.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.