Forex Technical Outlook For EUR/USD (Daily)
The single currency found little support in local economic data Monday, as the EU Sentix confidence index fell to 5.5 Vs previous 8.0 for March, while German Factory Orders edged 0.1% lower, above the 0.5% expected, but the 2nd monthly decliner in a row, indicating the economic slowdown is reaching Europe’s largest economy.
The EUR/USD fell to 1.0939 before trimming losses, and the 4 hours shows that a Bullish 20-Day MA provided a strong intra-day dynamic support. But, it remains below its 38.2% Fibo retracement of its latest daily decline in the 1.1040 area, also Friday’s high and the level to break to confirm further gains.
The technical indicators in that frame hoeld in positive territory, but lack clear direction, suggesting the pair may continue trading within its recent range during the upcoming sessions.
Support marks:1.0980 1.0950 1.0920
Resistance marks: 1.1045 1.1080 1.1120
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a tech trader.
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