Daily Forex Preview for March 08, 2016. Euro pares losses, back above 1.10

March 8, 2016

The single currency managed to trim its declines yesterday and prices managed to close above the 1.10 handle in yesterday’s trading. Ahead of the ECB's decision on Thursday, EURUSD is likely to remain range bound with today's GDP data the only other data coming out. Gold prices are also likely to range and could see some reaction into the ECB’s meeting.

EURUSD Daily Analysis

EURUSD (1.10): EURUSD is seen ranging above the 1.10 handle following a brief test to 1.095 support level. Resistance near 1.113 - 1.1105 comes into the picture now as EURUSD remains supported above the 1.10 handle. The downside in EURUSD is also limited as long as prices remain above the 1.095 - 1.093 support level. With not much of data to go by into Thursday's ECB meeting, EURUSD is likely to remain range bound with a risk of an upside move. Further bias is most likely to be established following Thursday's event.

USDJPY Daily Analysis

USDJPY (113.1): USDJPY is looking to breakout from the inside bar formed yesterday. A daily close today below the lows of 113.133 could see a move to 112 support. It is very likely that USDJPY is likely to continue to trade sideways with the momentum showing signs of exhaustion. Below 112, the next main support comes in at 111.31, while to the upside a break above 114.25 could see a gradual push to the upside.

GBPUSD Daily Analysis

GBPUSD (1.42): GBPUSD is on the path to recover the losses from two weeks ago with prices clearing 1.42 handle. A dip to 1.42 could see a continued move towards 1.43 resistance. The upside remains limited as a hidden bearish divergence is likely to see GBPUSD correct to the downside. Support near 1.4025 - 1.40 is key in this aspect. A break below this support could see GBPUSD resume its downtrend, but prices are likely to range between 1.43 and 1.40 levels in the near term

Gold Daily Analysis

XAUUSD (1267): Gold prices remain supported above 1246 and 1236 minor resistance that was broken. A decline could see a test of support at this level. However, there is scope for a move to the downside, with 1250 support likely to be critical. The median line plotted on the chart shows prices breaking out currently and a close below 1250 could see a test to 1230 - 1225 lower support levels.

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