Author Topic: Daily EUR/USD Analysis from ForexMart  (Read 12094 times)

Offline Andrea ForexMart

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Daily EUR/USD Analysis from ForexMart
« on: March 28, 2016, 12:06:19 PM »
Technical Analysis for EUR/USD: March 28

The efficacy of the stimulus measures held by the European Central Bank is drawing near its boundary as stated by the president of the Netherlands Bank, Klaas Knot. He thinks that the ECB monetary policy instruments have been worn out.

The first support occurs at 1.1150 and at 1.1050 subsequently. The first resistance resides at 1.1260 and at 1.1350 subsequently.

The price is along the Ichimoku Cloud and it is over the Chikou Span. The Tenkan-sen forms a horizontal movement and the Kijun-sen shows a descending motion creating a "Dead Cross".

The MACD indicator is in a negative location. The price is correcting.



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Daily EUR/USD Analysis from ForexMart
« on: March 28, 2016, 12:06:19 PM »

Offline Andrea ForexMart

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Technical Analysis for EUR/USD: March 29, 2016
« Reply #1 on: March 29, 2016, 06:27:10 PM »
Uncertainty on the Brexit was offset by the US’ less than impressive consumer spending, prompting the Euro’s upturn earlier today.

However, the dollar regained its footing as buyers wait for Fed Chairwoman Janet Yellen’s announcement that will hopefully clear up if Fed will move to increase the benchmark rate.

The pair hit a daily high of 1.1219, but pulled back to 1.1200, eliciting a bearish sentiment from investors.

The first support was at 1.1175 and 1.1119, subsequently, while the first resistance was at 1.1243 and 1.1299 subsequently.

The MACD indicator is in a neutral position. The price is falling.



Offline Andrea ForexMart

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Technical Analysis for EUR/USD: April 11, 2016
« Reply #2 on: April 11, 2016, 05:06:24 PM »
The Euro recorded a yearly high of 1.1453 on Sunday after the European Central Bank (ECB) revealed that the board is leaning to another rate cut. The pair is now trading within a range of 1.1395 and 1.1427.

The exchange rate is hovering just above 1.14 level at 1.1411.

The central bank has slashed interest rates to -0.4 percent in early March as it struggles with a negative inflation rate of -0.1 percent, a far cry from the bank’s target of almost 2 percent.

During his speech on Thursday, ECB president Mario Draghi reiterated that they are willing to do “whatever is needed” to lift inflation which is not expected to hit the target until 2018. The central bank will hold a policy meeting on April 21.

Meanwhile, the USD is still weak after Fed implied that a rate increase is unlikely in the upcoming policy meeting. Fed Dallas’ president Robert Kaplan will participate in a question-and-answer session later today and we are waiting for hints of the bank rate’s possible future.

This week is packed with many entities publishing economic reports. US retail sales will be revealed on Wednesday and the consumer price index of the US and Eurozone will be published on Thursday.

Germany, France, and Spain will also release data after data later this week.

The first support is at 1.1373 and 1.1316 subsequently, while the first resistance is at 1.1444 and 1.1501 subsequently.

The MACD indicator is in a positive location. The price is rising.



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Technical Analysis for EUR/USD: April 13, 2016
« Reply #3 on: April 13, 2016, 05:57:21 PM »
The Euro was clipped during Wednesday’s session after the International Monetary Fund commented, for the first time, about the enormous damage of the United Kingdom’s possible exit from the European Union.

Trading at a narrow range of 1.1342 to 1.1393, the Euro continues to drop against a slightly stronger USD which was lifted by higher crude oil prices. The US will release its retail sales and crude oil data later today.

The first support is at 1.1306 and 1.1249 subsequently. The first resistance is at 1.1426 and 1.1483 subsequently.

The MACD indicator is in a neutral position and the price is decreasing.



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Technical Analysis for EUR/USD: April 20, 2016
« Reply #4 on: April 20, 2016, 04:17:16 PM »
Despite a more positive than expected ZEW Economic Sentiment in the Eurozone, the Euro still failed to break through the 1.14 levels although gaining against the dollar.

Economic sentiment, which measures investors’ outlook for the economy, reached 21.5 in April from last month’s 10.6. Analysts predicted only 8.8 this month. The economic sentiment in Germany was released yesterday as well, surging to 11.2 from last month’s 4.3, eclipsing forecast of 8.0.

The Euro is still trading within a narrow range of 1.1352 to 1.1375 and is 30 pips shy of reaching 1.14. The support is located at 1.1335 and 1.1235 subsequently, and the resistance is at 1.1420 and 1.1500 subsequently.

European Central Bank (ECB) president Mario Draghi will announce the future of interest rates on Thursday, but it is expected that the bank will retain the current 0.25.

On the other hand, the USD index fell due to housing data revealed to be below projections, hinting a downtrend in the real estate and construction sectors. Building permits issued was down to 1.086 million from 1.177 million, a 7.7 percent fall from the previous month. The number of houses that started construction also slumped to 1.089 million to 1.194 million yoy.

As of time of writing, the EUR/USD is trading at 1.1368. The MACD indicator is at negative location and the price is rising.



Offline Andrea ForexMart

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Technical Analysis for EUR/USD: April 22, 2016
« Reply #5 on: April 22, 2016, 06:37:37 PM »
The Eurozone’s interest rate was kept parked at 0 percent, ECB president Mario Draghi said on Thursday. The announcement sent the Euro to the bulls but traders’ reaction quickly dissipated, sending the pair to 1.12 levels.

Draghi dismissed reports that helicopter money will soon enter the picture, generally showing an upbeat look on the economy. He kept doors open for a negative interest rate in the future.

Inflation was at 0 percent last month, largely missing ECB’s target of almost 2 percent. Draghi said that the inflation should rise before 2016 ends.

The ECB president also responded to Germany’s criticisms on the former’s soft monetary policies.

"We have a mandate to pursue price stability for the whole of the eurozone and not only for Germany alone,” he said.

The market is now waiting for reactions from Fed.

The MACD is currently below its 9-day EMA, reaching an intraday high of 1.1311. The spot rate is 1.1282 at the time of writing and is still declining. The pair is facing an immediate support at 1.129 and 1.1162, subsequently, while immediate resistance is at 1.1341 and 1.1397 subsequently.

The Eurozone’s monthly manufacturing and services PMI are the next stimulus for the pair. Figures will be released later today.



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Technical Analysis for EUR/USD: April 25, 2016
« Reply #6 on: April 25, 2016, 12:29:18 PM »
Further than what is anticipated, the Manufacturing PMI in Germany increased in the past month. It can be seen in the index that it grew by 51.9 contrary to the 50.7 in the recent month. Nevertheless, experts had expected the growth of index to 51.0. 

The first support occurs at 1.1150 and at 1.1050 subsequently. The first resistance resides at 1.1260 and at 1.1350 subsequently.

A confirmed and a sturdy sell signal has been found. The price is below the Ichimoku Cloud and it is below the Chikou Span. The Tenkan-sen and the Kijun-sen display a descending motion. This movement will remain until the price is below the Cloud.

The MACD indicator is in a negative location. The price is declining.



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Technical Analysis for EUR/USD: April 26, 2016
« Reply #7 on: April 26, 2016, 07:22:11 PM »
Buying interest are surrounding the Euro as markets remain vigilant ahead of the FOMC meeting. Lower than expected home sales from the US also added upward pressure to the Euro.

Annual home sales only reached 511,000 from last year’s 519,000, hugely missing forecasts of 520,000. The spotlights are now on Fed’s two-day policy meeting that will commence later today and the announcement from the BOJ on Thursday.

The pair rose to 1.1301 today, almost hitting the nearest resistance of 1.1305. The next resistance is at 1.1362. The first support occurs at 1.1243 and 1.1187 subsequently.

The exchange rate is now at 1.1295. The MACD is in a negative location. The price is climbing.



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Technical Analysis for EUR/USD: May 3, 2016
« Reply #8 on: May 03, 2016, 04:03:46 PM »
In opposition to the anticipation of most of us, the Manufacturing PMI in Germany reduced. The indicator displayed the data of 51.8 contrary with 51.9 in the recent month wherein it was seasonally revised. Meanwhile, experts hoped for the index to be at the recent level of 51.9.

The first support occurs at 1.1450 and at 1.1350 subsequently. The first resistance resides at 1.1550 and at 1.1650 subsequently.

A confirmed and a sturdy buy signal has been found. The price is over the Ichimoku Cloud and it is on top of the Chikou Span. The Tenkan-sen shows an ascending motion and the Kijun-sen forms a horizontal movement. This movement will remain until the price is over the Cloud.

The MACD indicator is in a positive location. The price is growing.



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Technical Analysis for EUR/USD: May 17, 2016
« Reply #9 on: May 17, 2016, 06:57:13 PM »
We have not heard any significant news last Monday. Since it was the Day of the Holy Spirit, most of the European markets were closed to celebrate the event. Meanwhile, in the Bonds Market, the 10-year government bonds yield in Germany decreased which also lessen the charm of the European assets.

The first support occurs at 1.1260 and at 1.1150 subsequently. The first resistance lies at 1.1350 and at 1.1450 subsequently.

A confirmed and a sturdy sell signal has been found. The price is below the Ichimoku Cloud and it is below the Chikou Span. The Tenkan-sen displays a descending movement and the Kijun-sen forms a horizontal motion creating "Dead Cross". The descending movement will remain until the price is below the Cloud.

The MACD indicator is in a negative location. The price is declining.



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Technical Analysis for EUR/USD: May 19, 2016
« Reply #10 on: May 19, 2016, 06:27:02 PM »
As the expectations that the Fed would heighten the rates is growing, the US dollar increased contrary to the euro on Wednesday. The Consumer Price Index for April reached 0,2% against the expected -0,2% as published by the Euro zone.

The first support occurs at 1.1260 and at 1.1150 subsequently. The first resistance resides at 1.1350 and at 1.1450 subsequently.

A confirmed and a sturdy sell signal has been found. The price may be found below the Ichimoku Cloud and it is below the Chinkou Span. The Tenkan-sen and the Kijun-sen display a descending movement. This activity will remain until the price goes below the Cloud.

The MACD indicator is in a negative location. The price is declining.



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Technical Analysis for EUR/USD: May 20, 2016
« Reply #11 on: May 20, 2016, 06:12:24 PM »
Bonds Market. The interest in the European assets lessened due to the decline in the 10-year German government bonds yield. Protocols were presented by the ECB. The euro could not be sustained by the issued ECB minutes.

The primary support occurs at 1.1150 and at 1.1040 subsequently. While the primary resistance resides at 1.1260 and at 1.1350 subsequently.

An inveterate and a solid sell signal has been found. The price is below the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen form a horizontal movement. This activity will remain until the price is below the Cloud.

The MACD indicator is in a negative location. The price is correcting.



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Technical Analysis for EUR/USD: May 24, 2016
« Reply #12 on: May 24, 2016, 06:22:49 PM »
A slew of hawkish statements from Fed officials weighed in on the EUR/USD, paired with the Germany’s disappointing manufacturing PMI.

Philadelphia Fed President Harker and St. Louis Fed President Bullard said that a June rate hike is “appropriate” given the US’ strong economic data. An increase will also allow Fed enough space to lower it should financial instability hit the country. The two officials said that more rate hike is possible next year if favorable US data continue.

Meanwhile, Germany, the Eurozone’s biggest economy, reported a lower slower manufacturing PMI growth. The latest release grew by 1.3 percent year-on-year, similar to the previous month’s 1.3 percent. Economists forecasted a 1.6 percent rise. The pair is now trading at 1.1185, topping at 1.1706 in earlier session. The first support is at 1.1067 and 1.0937 subsequently. The MACD indicator is in a negative position and the price is declining.



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Technical Analysis for EUR/USD: May 25, 2016
« Reply #13 on: May 25, 2016, 06:06:20 PM »
The Bonds market visualized an increasing optimism as the 10-years German government bonds yield increased which also heightened the charm of the European assets. The center of the attraction was the Economic Sentiment in May (the ZEW Institute). The index aggressively decreased which weakened the euro wherein the data came in at 6.4 against the expected 12.0.

The first support occurs at 1.1130 and at 1.1070 subsequently. The first resistance lies at 1.1200 and at 1.1250 subsequently.

An inveterate and a solid sell signal has been found. The price is below the Ichimoku Cloud and it is below the Chikou Span. The Tenkan-sen displays a descending movement and the Kijun-sen forms a horizontal movement. This activity will remain until the price is below the Cloud.

The MACD indicator is in a negative location. The price is declining.



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Technical Analysis for EUR/USD: May 31, 2016
« Reply #14 on: May 31, 2016, 05:01:01 PM »
Upbeat data from Eurozone’s two biggest economies helped cushion the blow of a firming USD against the Euro as the bloc currency records session highs, although the pair is still underperforming.

Preliminary CPI of Germany, the EU’s largest economy, was in line with the forecast 0.3 percent growth from the previous reading’s decline of 0.4 percent. France, the second largest, recorded a higher-than-expected 0.6 percent GDP for the first three months of the year, beating the 0.5 percent expectations.

The Eurozone Economic Sentiment report also showed that consumers have a positive outlook on the economy. It printed 104.7 points in May, up from 104.0 last month.

However, these are not enough to offset the bulls surrounding the USD after the Fed Chairwoman herself said that a rate hike is appropriate given the US’ economic conditions.

The pair is now trading at 1.1149, peaking at 1.1156 in early European session. The first support is at 1.1067 and 1.0937 subsequently. The first resistance is at 1.1215 and 1.1357 subsequently.

The MACD indicator is in negative position. The price is rising.