EUR/USD
Major pairs closed the day little changed, with the exception of the JPY crosses, as the safe haven asset surged on a return of risk aversion. China fueled concerns over the economic future at the beginning of the day with the release of its trade balance figures, which showed that exports fell by 20.6% in Yuan terms and compared to a year before, while imports contracted 8.0% in February, resulting in a 210.0B surplus against the 329.0B expected and the 406.2 previous. In Europe, news were for once positive, as Germany offered some robust manufacturing data, up by 3.3% monthly basis last January, while the EU GDP in the last quarter of 2015, grew by 0.3%, in line with market’s expectations. Uncertainty surrounding what the ECB may do next Thursday is also helping keep the EUR subdued, as speculation mounts on Mario Draghi delivering more than a 1015bp deposit rate cut. The broad dollar’s weakness keeps the EUR/USD pair near its 2week high, but from a technical point of view, the bullish potential has decreased due to the lack of follow through. Short term, the 1 hour chart offers a neutral stance, with the price now extending below a horizontal 20 SMA, and the technical indicators mostly flat around their midlines. In the 4 hours chart, the technical indicators have turned sharply lower, and the Momentum indicator is about to cross its 100 level towards the downside. The 20 SMA however, keeps heading higher around 1.0980, providing an immediate short term support. If this last gives up, the decline can extend down to the 1.0900/20 region, with scope to test 1.0840, before strong buying interest surges.
Support levels:1.0980 1.0950 1.0920
Resistance levels: 1.1045 1.1080 1.1120
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GBP/USD
The British Pound traded heavier, easing almost a full cent against the greenback after briefly pocking through 1.4280 late Monday. Increasing risk aversion and poor performance of commodities’ prices weighed on the Sterling, as no data was released in the UK. On Wednesday however, the country will release its latest manufacturing and industrial production data, which will offer more clues on the health of the kingdom. Comments from BOE’s Governor Mark Carney before the Parliament, favoring remaining within the EU did little for the local currency. The pair fell down to 1.4172, and currently struggles around the 1.4200 level, with intraday charts favoring a continued decline for the Asian session, as in the 1 hour chart, the price is being capped since early Europe by a bearish 20 SMA, while the technical indicators turned south below their midlines. In the 4 hours chart, the Momentum indicator is crossing its 100 line with a sharp bearish slope, while the price keeps pressuring a still bullish 20 SMA, suggesting a break below the mentioned low should lead to a continued decline this Wednesday.
Support levels: 1.4165 1.4120 1.4070
Resistance levels: 1.4230 1.4260 1.4290
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EUR/USD
Major pairs closed the day little changed, with the exception of the JPY crosses, as the safe haven asset surged on a return of risk aversion. China fueled concerns over the economic future at the beginning of the day with the release of its trade balance figures, which showed that exports fell by 20.6% in Yuan terms and compared to a year before, while imports contracted 8.0% in February, resulting in a 210.0B surplus against the 329.0B expected and the 406.2 previous. In Europe, news were for once positive, as Germany offered some robust manufacturing data, up by 3.3% monthly basis last January, while the EU GDP in the last quarter of 2015, grew by 0.3%, in line with market’s expectations. Uncertainty surrounding what the ECB may do next Thursday is also helping keep the EUR subdued, as speculation mounts on Mario Draghi delivering more than a 1015bp deposit rate cut. The broad dollar’s weakness keeps the EUR/USD pair near its 2week high, but from a technical point of view, the bullish potential has decreased due to the lack of follow through. Short term, the 1 hour chart offers a neutral stance, with the price now extending below a horizontal 20 SMA, and the technical indicators mostly flat around their midlines. In the 4 hours chart, the technical indicators have turned sharply lower, and the Momentum indicator is about to cross its 100 level towards the downside. The 20 SMA however, keeps heading higher around 1.0980, providing an immediate short term support. If this last gives up, the decline can extend down to the 1.0900/20 region, with scope to test 1.0840, before strong buying interest surges.
Support levels:1.0980 1.0950 1.0920
Resistance levels: 1.1045 1.1080 1.1120
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GBP/USD
The Pound extended its latest recovery against the greenback up to 1.4435, closing with solid gains for second week inarow at 1.4372. There was an absence of macro marketdrivers for the Sterling during these last few days, with the rally mostly supported by dollar’s broad weakness. On Friday however, data showed that the visible trade balance resulted roughly as expected, but significant downward revisions to December’s data meant that January showed an improvement in the deficit, against expectations of a deterioration. Also, the BOE released its quarterly inflation survey, showing that expectations have decreased in the yearahead inflation, to 1.8% from previous 2.0%, the lowest level in 15 years. During this upcoming week, the UK will release its February employment figures, which may determinate if the ongoing recovery is sustainable, particularly on a buildup in employment and wages. In the meantime, the daily chart shows that the strong upward momentum prevails, as the technical indicators continue heading north near overbought territory, while a decline towards the 20 SMA resulted in a sharp bounce. In the 4 hours chart, the price has extended its advance beyond the 200 EMA, currently around 1.4260, while the technical indicators eased partially from overbought readings. Pullbacks towards the level can be seen as buying opportunities, with only a break below the mentioned 1.4260 level signaling a possible return of the bearish trend.
Support levels: 1.4335 1.4295 1.4260
Resistance levels: 1.4410 1.4445 1.4490
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EUR/USD
The American dollar mostly higher across the board, with the exception of the JPY that appreciated after the latest BOJ’s economic policy announcement. The greenback also failed to appreciate against the common currency, as the pair held around the 1.1100 figure, rangebound, ahead of the US Federal Reserve meeting outcome this Wednesday. The US Central Bank is largely expected to remain on hold, but this particular meeting will include the updated projections of its funds target rate and economic situation, whilst Janet Yellen will offer a press conference, in where speculators will be looking for clues on a date for a forthcoming rate hike. Data coming from the US earlier today was quite disappointing, as retail sales for February fell 0.1% monthly basis, below expectations, whilst the PPI for final demand fell 0.2% in the same month, seasonally adjusted. On an unadjusted basis, the final demand index was unchanged for the 12 months ended in February, with downward revisions to previous readings. The pair jumped up to 1.1124 following the news, after extending its weekly decline down to 1.1071, but was unable to rally and settled around 1.1100, where it stands ahead of the Asian opening. The common currency maintains a positive bias, given that with few exceptions, the dollar traded broadly higher, and EUR buyers refused to give up. The fact that the pair held suggests that speculators are still looking for higher highs. The technical picture is for the most neutral in the short term, as in the 4 hours chart, the price recovered strongly on approaches to the 1.1065 level, the 38.2% retracement of the postECB rally, whilst the technical indicators hover around their midlines, with little directional strength. The upcoming direction will depend on whether the FED is still in track of rising rates, which may see the pair down to 1.1000, or if not, which will result in a rally up to 1.1245.
Support levels:1.1065 1.1020 1.0980
Resistance levels: 1.1120 1.1160 1.1200
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EUR/USD
The American dollar mostly higher across the board, with the exception of the JPY that appreciated after the latest BOJ’s economic policy announcement. The greenback also failed to appreciate against the common currency, as the pair held around the 1.1100 figure, rangebound, ahead of the US Federal Reserve meeting outcome this Wednesday. The US Central Bank is largely expected to remain on hold, but this particular meeting will include the updated projections of its funds target rate and economic situation, whilst Janet Yellen will offer a press conference, in where speculators will be looking for clues on a date for a forthcoming rate hike. Data coming from the US earlier today was quite disappointing, as retail sales for February fell 0.1% monthly basis, below expectations, whilst the PPI for final demand fell 0.2% in the same month, seasonally adjusted. On an unadjusted basis, the final demand index was unchanged for the 12 months ended in February, with downward revisions to previous readings. The pair jumped up to 1.1124 following the news, after extending its weekly decline down to 1.1071, but was unable to rally and settled around 1.1100, where it stands ahead of the Asian opening. The common currency maintains a positive bias, given that with few exceptions, the dollar traded broadly higher, and EUR buyers refused to give up. The fact that the pair held suggests that speculators are still looking for higher highs. The technical picture is for the most neutral in the short term, as in the 4 hours chart, the price recovered strongly on approaches to the 1.1065 level, the 38.2% retracement of the postECB rally, whilst the technical indicators hover around their midlines, with little directional strength. The upcoming direction will depend on whether the FED is still in track of rising rates, which may see the pair down to 1.1000, or if not, which will result in a rally up to 1.1245.
Support levels:1.1065 1.1020 1.0980
Resistance levels: 1.1120 1.1160 1.1200
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EUR/USD
It was another bad day for dollar’s bulls, as the negative momentum of the American currency extended all through the board, sending most of its counterparts to fresh multimonth highs. The EUR/USD pair extended its gains up to 1.1341, its highest in over a month, helped by some positive local data, as the EU inflation surged 0.2% in February, beating estimates and back in positive ground, although the yearonyear figure showed a 0.2% slide as expected. Also in Europe, the international trade in goods posted a surplus of €6.2B, as imports fell by 1% and exports decreased 2% during the same month. In the US, the current account deficit narrowed from an upwardlyrevised reading in Q3, down to $125.3B, while weekly unemployment claims resulted at 265K for the week ending March 11th, beating expectations of 268K. The Philadelphia FED Manufacturing survey was also pretty encouraging, up to 12.4 from previous 2.8. Nevertheless, the extremely cautious tone of Yellen last Wednesday maintained the dollar in selloff mode for a second day inarow. The EUR/USD pair fell down to 1.1277 during the American afternoon, but quickly regained the 1.1300 level, indicating investors are willing to buy on dips. The technical picture continues favoring the upside, as in the 4 hours chart, the technical indicators keep heading higher, despite being in overbought territory. Friday may bring some profit taking, but with the Central Banks done for this month, the pullback will likely be limited. Should the rally extend beyond 1.1375, February high, the pair has scope to test the 1.1460 region, the level that capped the upside for most of the last 2015.
Support levels:1.1290 1.1245 1.1200
Resistance levels: 1.1340 1.1375 1.1410
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GBP/USD
The Pound staged a brutal comeback against the greenback, after plummeting to 1.4052 on renewed fears of a possible Brexit. Mid week, the BOE maintained its economic policy unchanged, blaming partially a slowdown in economic growth to uncertainty surrounding Britain’s referendum on its European Union membership. But the GBP/USD pair later surged as dollar got soldoff after the FED, extending its weekly rally on Friday up to 1.4513, the highest in over a month. Having partially retreated, the pair holds above 1.4440, the 61.8% retracement of this year´s decline, suggesting the bullish run may not be over. Technically, the daily chart shows that the technical indicators have lost upward strength near overbought levels, but also that the price holds well above a bullish 20 DMA. The 100 DMA stands at 1.4565, and if the price manages to go through it, the rally can then complete a full 100% retracement to 1.4815, this year high. In the 4 hours chart, the technical indicators have corrected overbought readings, but show no downward strength, whilst the 20 SMA has turned sharply higher well below the current level, in line with the longer term tone.
Support levels: 1.4440 1.4405 1.4370
Resistance levels: 1.4520 1.4565 1.4600
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WTI CRUDE
Crude oil prices saw little action this Tuesday, with US WTI futures ending the day pretty much flat around $41.50 a barrel. The commodity saw some limited intraday pressure on news saying that Libya will not be attending the upcoming gathering of world’s oil producers to discuss a deal on freezing output next April. In the meantime, and ahead of US stockpiles releases, the daily chart shows that the price of black gold holds above its 200 SMA, while the technical indicators have turned flat in overbought levels, in line with the latest consolidation, and far from suggesting the commodity will change bias. In the 4 hours chart, an intraday slide down to the 20 SMA was quickly reversed, with the dynamic support standing now at 40.75. The technical indicators in this last time frame present limited upward slopes within positive territory, helping in keep the downside limited.
Support levels: 40.75 40.10 39.40
Resistance levels:41.75 42.50 43.20
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WTI CRUDE
Oil’s bulls gave up this Wednesday, after US crude stockpiles reports showed large increases last week. Late Tuesday, the API reported that crude inventories rose by 8.8 million in the week ending March 18th, anticipating what the EIA confirmed today, after reporting that US commercial crude inventories increased by 9.4 million barrels last week, maintaining a total inventory of 532.5 million barrels. The massive storage increase has sent WTI crude oil futures below $40.00 a barrel in the American afternoon, now trading near the lowest of the week established at 39.65. The retreat has sent technical indicators sharply lower in the daily chart, with the Momentum indicator approaching its 100 level, and the price now back below its 200 SMA. The 20 SMA in the same chart, however, maintains its bullish slope and is currently around 38.00, providing a strong support in the case of further declines. In the shorter term, the 4 hours chart the technical indicators have crossed below their midlines and maintain their bearish slopes, as the price extends below its 20 SMA, suggesting the commodity may continue falling, particularly on a break below 39.40, the immediate support.
Support levels: 39.40 38.65 37.90
Resistance levels: 40.40 41.10 41.90
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EUR/USD
The dollar traded generally higher this Thursday, extending its previous gains against most of its major rivals. The rally, however, faded in the American afternoon, on tepid US data and as investors took profits out ahead of the weekend. With no relevant data released in the EU, attention centered in US readings, which showed that weekly unemployment claims fell to 265K, beating expectations, while the Markit Services PMI returned above the 50.0 threshold in March, up to 51.0, but below expectations of 51.3. Durable Goods Orders fell in February, reflecting a broadbased slowdown in US capital investment. Official data showed a 2.8% decline against a 4.2% gain in the previous month, whilst bookings for nonmilitary capital goods excluding aircraft dropped 1.8%, well below market’s expectations. On Friday, most major markets will remain closed amid the Easter Holiday, although the US will release its final revision of the Q4 2015 GDP. Given that is the last revision, the report tends to have a limited impact, which will be even lower it the reading matches previous and expectations, which in this particular case converge at 1.0%. The EUR/USD pair trimmed its daily loses before the closing bell, but extended its weekly decline to 1.1143, and held below the 1.1200 level, overall retaining the bearish tone. With limited liquidity expected for this Friday, the pair can see some choppy action. Technically, the 4 hours chart shows that the roof of the daily descendant channel is currently being tested, and also that the technical indicators have bounced from oversold readings, but remain well into negative territory, far from suggesting a bullish run ahead. At this point, the price needs to regain the 1.1245 level to reverse its latest negative tone and be able to rally up to the 1.1290 region.
Support levels:1.1120 1.1085 1.1040
Resistance levels: 1.1210 1.1245 1.1290
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GBP/USD
The Sterling underperformed its counterparts, weighed by concerns over a possible Brexit, and the GBP/USD pair is at risk of further declines, as the datatriggered rally seen on Thursday was rejected near 1.4200. Having held a few pips above the 1.4100 level on Friday, the downward risk prevails, most likely until the ends of June when the Referendum will take place. Technically, the pair has met strong buying interest on declines towards 1.4050 during the last two weeks, making of the level the one to beat to trigger stops and additional slides. The daily chart presents a limited bearish tone, as the price stands below its 20 SMA, whilst the technical indicators present tepid bearish slopes below their midlines. Short term, the 4 hours chart shows that the price has broken below its 200 EMA, now around 1.4260, while the 20 SMA heads sharply lower above the current price, offering an immediate resistance in the 1.4180 region. In the same chart, the technical indicators have corrected oversold readings, but lost steam within bearish territory. The immediate support comes at 1.4100, followed by the mentioned 1.4050 level, which if it’s broken can lead to an extension below the 1.4000 figure at the beginning of the upcoming week.
Support levels: 1.4100 1.4050 1.4010
Resistance levels: 1.4200 1.4235 1.4260
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EUR/USD
The American dollar edged lower across the board as local data disappointed. The personal income and spending report came in mixed, showing that data beat expectations for February, but January’s numbers were revised negatively. The allimportant PCE inflation number was a huge disappointment, with the headline reading monthly basis down by 0.1%, while the core number came in at 0.1% against previous 0.3%. Also, the Goods Trade Balance posted a largerthanexpected deficit, of $63.0B. Pending home sales on the other hand, rose 3.5% in February, against January’s 3% loss. This Tuesday, FED’s Yellen is due to deliver a speech titled “Economic Outlook and Monetary Policy” at the Economic Club of New York luncheon, the first time she will speak after the latest FOMC meeting. Investors will be looking closely for any comment regarding rates and whether if she will maintain the dovish tone of the statement, of align with latest FED’s speakers and offer a more hawkish wording. In the meantime, the American dollar suffered a strong set back early in the US session, down against all of its major rivals. The EUR/USD pair reached a daily high of 1.1219 before retracing towards the 1.1200 level, easing as Wall Street trimmed most of its early losses ahead of the close. The recovery has been pretty significant considering that the price was unable to fall beyond the 61.8% retracement of its latest daily bullish run, but not enough to confirm a continued advance, given that in the 4 hours chart, the price is currently struggling around the 50% retracement of the same rally, whilst the technical indicators have lost their bullish potential after regaining positive territory. The upside however, is now favored as long as the 1.1160 support holds, with an upward acceleration expected on a break above 1.1245.
Support levels:1.1160 1.1120 1.1085
Resistance levels: 1.1245 1.1290 1.1330
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EUR/USD
FED’s Yellen smashed the greenback in its speech at the Economic Club of New York, in where she reiterated its previous ultradovish stance when it comes to the US economic policy. Among other things, the FED Chair mentioned that they must proceed with caution with rate hikes and regarding inflation, explained that it is too early to see if the recent pickup in core inflation “will prove durable.” Also, she added that the FED has “considerable scope for stimulus if needed,” erasing any chance of a rate hike at least until September. Janet Yellen sealed dollar’s destiny, and sent the EUR/USD pair up to the 1.1300 region, trespassing last week´s high, and therefore indicating a strong upward potential for the upcoming sessions. A rate hike in the US is now is unlikely until at least September, and the dollar will pay the price, probably by sinking further across the board. As for the technical picture of the pair, the 4 hours chart shows that the technical indicators are entering overbought territory by the end of the US session, as the price remains pressuring the highs, all of which supports a continued advance towards the 1.1340 level, this month high, en route to 1.1375, the year high. Should the price extend beyond this last, the rally can extend up to 1.1460, a major static resistance level that contained the pair since early 2015.
Support levels:1.1245 1.1190 1.1140
Resistance levels: 1.1340 1.1375 1.1420
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EUR/USD
The EUR/USD pair kept rallying on Thursday, reaching a fresh year high of 1.1411, despite macroeconomic data coming from Germany was far from encouraging. According to official releases, German unemployment was unchanged in March, snapping a run of five consecutive declines, although the unemployment rate held at its record low of 6.2%. Retail Sales in the country, fell by 0.4% during February, whilst it rose 5.4% in real terms compared to a year before. Negative sentiment towards the greenback prevailed ahead of the US Nonfarm Payroll report, expected to do little to convince FED’s officers on the convenience of a sooner rate hike. In the US, weekly unemployment claims in the week ending March 26 reached 276K, above expected, while the 4week moving average was 263,250, an increase of 3,500 from the previous week’s unrevised average of 259,750. The Chicago PM increased to 53.6 in March, led by a recovery in production and employment. In the meantime, the 4 hours chart for the pair shows that the technical indicators have turned lower within overbought territory, as the pair has rallied with little corrections in the middle ever since the week started. Nevertheless, the RSI indicator remains above 70, and the price far above a bullish 20 SMA, as the price holds above its previous yearly high of 1.1375, all of which maintains the risk towards the upside. The pair may suffer a downward kneejerk on a very strong US report, particularly if wages surge beyond expected, but after the dust settles, speculative interest will be likely looking to buy the dips.
Support levels: 1.1365 1.1330 1.1290
Resistance levels: 1.1410 1.1460 1.1500
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EUR/USD
The EUR/USD pair kept rallying on Thursday, reaching a fresh year high of 1.1411, despite macroeconomic data coming from Germany was far from encouraging. According to official releases, German unemployment was unchanged in March, snapping a run of five consecutive declines, although the unemployment rate held at its record low of 6.2%. Retail Sales in the country, fell by 0.4% during February, whilst it rose 5.4% in real terms compared to a year before. Negative sentiment towards the greenback prevailed ahead of the US Nonfarm Payroll report, expected to do little to convince FED’s officers on the convenience of a sooner rate hike. In the US, weekly unemployment claims in the week ending March 26 reached 276K, above expected, while the 4week moving average was 263,250, an increase of 3,500 from the previous week’s unrevised average of 259,750. The Chicago PM increased to 53.6 in March, led by a recovery in production and employment. In the meantime, the 4 hours chart for the pair shows that the technical indicators have turned lower within overbought territory, as the pair has rallied with little corrections in the middle ever since the week started. Nevertheless, the RSI indicator remains above 70, and the price far above a bullish 20 SMA, as the price holds above its previous yearly high of 1.1375, all of which maintains the risk towards the upside. The pair may suffer a downward kneejerk on a very strong US report, particularly if wages surge beyond expected, but after the dust settles, speculative interest will be likely looking to buy the dips.
Support levels: 1.1365 1.1330 1.1290
Resistance levels: 1.1410 1.1460 1.1500
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EUR/USD
The EUR/USD pair kept rallying on Thursday, reaching a fresh year high of 1.1411, despite macroeconomic data coming from Germany was far from encouraging. According to official releases, German unemployment was unchanged in March, snapping a run of five consecutive declines, although the unemployment rate held at its record low of 6.2%. Retail Sales in the country, fell by 0.4% during February, whilst it rose 5.4% in real terms compared to a year before. Negative sentiment towards the greenback prevailed ahead of the US Nonfarm Payroll report, expected to do little to convince FED’s officers on the convenience of a sooner rate hike. In the US, weekly unemployment claims in the week ending March 26 reached 276K, above expected, while the 4week moving average was 263,250, an increase of 3,500 from the previous week’s unrevised average of 259,750. The Chicago PM increased to 53.6 in March, led by a recovery in production and employment. In the meantime, the 4 hours chart for the pair shows that the technical indicators have turned lower within overbought territory, as the pair has rallied with little corrections in the middle ever since the week started. Nevertheless, the RSI indicator remains above 70, and the price far above a bullish 20 SMA, as the price holds above its previous yearly high of 1.1375, all of which maintains the risk towards the upside. The pair may suffer a downward kneejerk on a very strong US report, particularly if wages surge beyond expected, but after the dust settles, speculative interest will be likely looking to buy the dips.
Support levels: 1.1365 1.1330 1.1290
Resistance levels: 1.1410 1.1460 1.1500
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EUR/USD
The American dollar retained its negative tone in a quiet Monday, in where most major pairs remained confined to tight ranges. The British Pound outperformed, while on contrary, commodityrelated currencies were among the weakest. Data in the EU was mixed, as the unemployment rate declined to 10.3% in February from an upwards revised 10.4% in January, but producer prices fell by 0.7% in February, compared to the previous month, and down by 4.2% compared to a year before, indicating deflationary pressures are still high. In the US, new orders for factory goods declined 1.7%, more than the 1.6% decline expected. This week, the FED will release the minutes of its latest meeting on Wednesday, while the ECB will do the same on Thursday, something that may lead to further range trading, but with a dollar still in risk of further declines.The EUR/USD pair managed to advance up to 1.1412 daily basis, but spent most of the American afternoon hovering around the 1.1400 level, unable to set to a clear directional bias. From a technical point of view, and despite the poor intraday performance, the EUR/USD pair remains near its yearly high of 1.1437, while daily basis, the pair has posted a lower low, indicating market is still willing to buy the dips. Technical readings in the 1 hour chart support some further advances, as the technical indicators continue heading north after crossing their midlines, while the price is currently above a flat 20 SMA. In the 4 hours chart, a brief decline below a bullish 20 SMA was quickly reverted, while the Momentum indicator has turned flat around its 100 level after correcting overbought readings, and the RSI indicator heads north around 61, all of which points for further gains towards the 1.1460 critical resistance, en route to 1.1500.
Support levels: 1.1360 1.1320 1.1280
Resistance levels: 1.1420 1.1460 1.1500
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WTI CRUDE
Crude oil prices held steady on Tuesday, trading near a fresh low set at $35.23, as Kuwait cooled things down, saying that an output freeze by major oil producers would proceed even without Iran, shifting market’s attention towards the Doha meeting next April 17th. West Texas Intermediate crude oil prices closed a few cents above the mentioned daily low after a choppy session, and the daily chart shows that the bearish pressure eased, but didn’t reverse, as the technical indicators have turned slightly higher near oversold territory, but the price remained well below a now bearish 20 SMA. In the 4 hours chart, the RSI indicator heads north around 35, while the Momentum indicator also heads higher below its 100 level, as the 20 SMA accelerated its decline and after crossing below the 100 SMA, is pointing to break below the 200 SMA too, indicating the risk remains towards the downside, particularly on a break below 34.85, the immediate support.
Support levels:34.85 34.30 33.50
Resistance levels: 36.20 36.90 37.65
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EUR/USD
Risk aversion was the main theme this Tuesday, as poor PMI figures in Japan, and Europe fueled concerns over a global economic slowdown, sending worldwide equities nosediving. European data came out weakerthanexpected, as in the region, Services and Composite PMI figures, showed that growth decelerated by the end of the first quarter of the year. Also, German factory orders fell 1.2% in February, although retail trade in the EU increased 0.2% monthly basis, and 2.4% compared to a year before.In the US, data came in mixed, as the trade balance deficit widened to $47.06B, whilst total jobs opening in February reached 5.445M, slightly below expectations. The Markit services PMI surged to 51.3, while the ISM nonmanufacturing PMI printed 54.5, the highest in three month. In balance, data were pretty encouraging, but not enough to revert the negative tone of the greenback.The EUR/USD pair remained confined within Friday’s range, flirting with the 1.1400 level by the end of the day and after trading as low as 1.1335 on the back of US strong services PMI readings, maintaining a neutral technical stance, but with bulls clearly not ready to give up. From a technical point of view, the risk remains towards the upside, particularly as the pair remains near its yearly high set last week at 1.1437, and intraday dips continue to attract buying interest. In the 4 hours chart, the technical indicators have turned north within neutral territory, while the price is hovering around a flat 20 SMA, suggesting the market will continue in wait and see mode, ahead of the upcoming minutes from both Central Banks and the wording of Draghi and Yellen next Thursday.
Support levels: 1.1330 1.1280 1.1245
Resistance levels: 1.1410 1.1460 1.1500
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