The euro spiked on Thursday in the late NY session

20 March, 2017

Trade Balance in Italy in the Euroland came in negative on Friday. Meanwhile, the sentiment around the US dollar continued to play a major driver across the markets. The greenback remained around its lows after less hawkish than expected Yellen's remarks.

Current situation

The euro spiked on Thursday in the late NY session. Buyers pushed the price upwards and broke 1.0750 in the night. Bulls advanced up to 1.0770 later the night where they stopped. The spot spent the night and the morning in a tight range hovering above 1.0750. The neutral stance remained unchanged during the day trades. The 4 hours chart showed that the price continued developing well above the moving averages. The 50-EMA crossed the 200-EMA upwards. The 50 and 100 EMAs kept heading higher while the 200-EMA was neutral in the mentioned timeframe. The resistance is at 1.0800, the support comes in at 1.0750.

The MACD histogram grew which is a buy signal. RSI consolidated within positive territory.

Trading recommendations

The overall outlook remains bullish, for rise towards 1.0800 resistance area. However, we do not exclude a recovery pull back to 1.0720-1.0700.


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