EURUSD supported above 1.10

11 March, 2016

Despite the ECB matching market expectations and going a bit beyond, the Euro erased previous losses and closed the day with strong gains. The single currency remains supported above the 1.10 handle and now aims for the 1.1335 resistance. Gold prices, on the other hand, continue to post highs but momentum is showing signs of stalling near the 12-month highs.

EURUSD Daily Analysis

EURUSD (1.11): EURUSD broke out from the triangle pattern initially breaking lower. With support at 1.0825 - 1.0835 holding, prices quickly reversed to the upside breaking above 1.1105 - 1.113 resistance. A dip back to this broken resistance to establish support would see EURUSD look towards 1.1335 previous resistance. In the event of a break below the potential support level, 1.10 psychological level is likely to come in as resistance. There is also a Stochastics bearish divergence forming which if validated could see a decline towards 1.10 handle.

USDJPY Daily Analysis

USDJPY (113.4): USDJPY remains trading sideways with an attempt to break out to the upside from the bearish descending triangle. Support at 112.50 looks to be holding strongly for the moment and any initial declines could likely stall at this support Below 112.50 support, 111.310 marks the main support level. USDJPY could likely remain range bound into next week with the range being established if prices dip below 112.50 handle with the downside target to 107 - 108 being tested on a break below the main 111.31 support.

GBPUSD Daily Analysis

GBPUSD (1.42): GBPUSD closed on a bullish note following the previous doji pattern. Closing above the doji high, GBPUSD could likely test further upside in the near term but with resistance at 1.435 - 1.43 holding, price action could remain flat. The trend line is likely to be key as a break below this trend line could see a decline back to 1.4025 - 1.40 support. Above 1.435 - 1.43, GBPUSD could potentially move towards the 1.46 handle erasing almost all the losses from the previous weeks.

Gold Daily Analysis

XAUUSD (1274): Gold prices remain consolidating above the 1250 handle with prices posting a new high at 1283 earlier today following the bullish engulfing pattern formed yesterday. However, the upside momentum is clearly showing signs of exhaustion with prices being rejected near the highs against closing prices. To the downside, 1250 support is proving a strong level with prices bouncing off on the declines. Gold could remain flat but supported above the 1250 handle.


Source link  
ISM indexes suggest strong activity

The Institute of Supply Management's business survey covering the manufacturing and non-manufacturing sector showed that activity...

Trump hits out at Fed once again

Amid the rising threat of trade wars and the optimism of the looming U.S. and China trade talks, the U.S. President Trump hit out at the Federal Reserve last week...

Japan's second quarter GDP rebounds

Japan's economy was seen rising more than expected in the three months ending June 2018. Growth was helped by strong...


Powell gives testimony

The U.S. Federal Reserve Governor, Jerome Powell, gave his two-day testimony to the U.S. Congress last week. In this testimony, Powell cautioned...

Euro currency makes a comeback

The common currency which had fallen sharply over the past few weeks and was eventually seen hovering above the support level of 1.1540 level was seen...

US dollar hit by Trump's comments

The U.S. dollar fell sharply across the board yesterday after the U.S. President Trump in an interview...


Gold gives up gains

The U.S. dollar lost ground yesterday amid a slow trading day with lack of any clear catalysts for the markets. The speech by Janet Yellen did not offer anything new for the markets...

Inflation in Mexico set to rise on higher fuel prices

Mexico's inflation is likely to be boosted higher as the government announced that it would be hiking fuel prices by nearly one-fifth from January. The government said that fuel price ceilings will be capped between 14.2% - 20% above December's prices...

Regional manufacturing indexes point to a stronger ISM manufacturing PMI

The Institute of Supply Management's Purchase Managers Index data is one of the most widely watched indicators. It is considered to be a leading indicator which gauges the strength in the U.S. manufacturing sector...


In the past 24 hours Bitcoin has lost -2.13% and reached $3432.24666525. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.0395% and is now at $1.1371. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -7.61% and is now at $90.8321856635. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets92%
2FXTMFXTM88%
3HYCMHYCM87%
4Alfa-ForexAlfa-Forex86%
5FxProFxPro85%
6FIBO GroupFIBO Group84%
7OctaFXOctaFX83%
8HotForexHotForex82%
9AvaTradeAvaTrade80%
10FXCMFXCM78%
  


Share: