Home Daily Analysis EURUSD Technical Analysis: March 08, 2019

EURUSD Technical Analysis: March 08, 2019

EURUSD

The Euro (EUR) inched lower against the US Dollar (USD) on Friday, this caused a decrease in the price of EURUSD, bringing it to less than 1.1200. The price of the pair decreased after major economic news released. Considering the price movement of the pair over the last few days, it is anticipated that the technical bias may remain bearish because the pair’s price marked a higher low in the recent upside move.

EUR/USD Technical Analysis

Currently, the pair is being traded around 1.1186, a resistance around 1.1446,  the major horizontal resistance ahead of 1.1757, the trend line resistance level and then 1.12027, the 23.6% Fib level resistance which is likely to prevent the price from increasing further as demonstrated in the given below chart.

EURUSD

Talking about the downside, a support around 1.1105, the horizontal support level is the point of reference. Another support may come around 1.0700, the psychological number and then 1.0336, the major horizontal support level. above chart. The technical bias may remain bearish as long as 1.1446, the major horizontal support level remains intact.

USD ISMI Prices Paid News

In the United States, the figure concerning the price index of ISMI remained 60.7 in November, as compared to 60.3 during the month before, down beating the economist expectation which was 59.2. The data is taken from the news released by the US Institute for Supply Management.

The data represents the prevailing condition of the manufacturing market of the country. The figure is derived after taking into account various elements of the market such as new orders placed, the estimated rate of production for the future, employment rate, available inventories, and deliveries made so far. The ISMI figure is usually considered as sensitive to the US economy and may instigate inflation in the future.

Generally speaking, high reading in this regard is considered as a bullish trend for the US Dollar (USD) whereas a low reading suggests a bearish market for the US Dollar (USD).

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, selling the EURUSD around current levels can be a good decision in short to medium term.

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