- The pair is extending bounce off channel base, extends gains for the 3rd straight session
- Price action below cloud and major moving averages, but very short-term averages have turned
- RSI and Stochs have rolled over from oversold levels, MACD is on verge of bullish crossover on signal line
- Bearish divergence on RSI and Stochs on the hourly charts could see minor downticks
Data Released:
- Germany February industrial output m/m increased to 0.7 %, beating forecast at 0.5 % and compared to -0.8 % in the previous month.
- Focus on the performance of yields in Germany and the spread vs. their American counterparts for direction.
Support levels - 1.1207 (5-DMA), 1.1162 (Mar 29 low), 1.1155 (channel base)
Resistance levels - 1.1251 (21-EMA), 1.1269 (38.2% Fib), 1.1297 (55-EMA)
Currency Forecast: Scope for test of 38.2% Fib. Weakness likely on break below 5-DMA.
- Price action below cloud and major moving averages, but very short-term averages have turned
- RSI and Stochs have rolled over from oversold levels, MACD is on verge of bullish crossover on signal line
- Bearish divergence on RSI and Stochs on the hourly charts could see minor downticks
Data Released:
- Germany February industrial output m/m increased to 0.7 %, beating forecast at 0.5 % and compared to -0.8 % in the previous month.
- Focus on the performance of yields in Germany and the spread vs. their American counterparts for direction.
Support levels - 1.1207 (5-DMA), 1.1162 (Mar 29 low), 1.1155 (channel base)
Resistance levels - 1.1251 (21-EMA), 1.1269 (38.2% Fib), 1.1297 (55-EMA)
Currency Forecast: Scope for test of 38.2% Fib. Weakness likely on break below 5-DMA.
Note
On track to test 38.2% Fib, stay longNote
Breaks above 38.2% Fib. Eyes 55-EMA at 1.1292.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.