The euro is under pressure amid growing concerns

23 February, 2017

The euro is under pressure amid growing concerns over the presidential elections in France and growing expectations over the possible Fed rate hike in March. Germany Business Climate came in above expectations despite the negative forecast. However, the market ignored the release.

Current situation

The single currency regained a minor portion of its losses in the Asian session on Wednesday. The pair was able to reach 1.0550. However, the selling pressure around the euro remained unchanged pushing the spot to fresh lows. The price bounced off 1.0550 and dropped to 1.0500 in the European morning. The 100-EMA tested the 200-EMA in the 4 hours chart .The 50 and 100 EMAs maintained their bearish slope while 200-EMA was neutral. The price continued developing well below the moving averages. The resistance is at 1.0550, the support comes in at 1.0500.

The MACD histogram decreased which indicates the sellers’ strength. The RSI oscillator consolidated within negative area.

Trading recommendations

A break below 1.0500 will trigger another leg lower. A move below 1.0500 would revive bearishness towards 1.0450.


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