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Old 03-10-2017, 03:03 AM
AppleFX AppleFX is offline
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Default Re: Economic and company news by ForexMart

EUR/USD Technical Analysis: March 10, 2017

The European currency was at the center of attraction in consideration of the ECB meeting held yesterday. Investors predicted that regulators would keep the rate steady and deemed that the central bank will not deal with some uncertainties within the European elections.

Sellers successfully drove the price lower at night. Having posted its daily low near 1.0524, the EURUSD made a reversal of its direction. The minor dollar retracement initiated a move for profit-taking on the back of the sell-off currently occurred involving the pair.

Buyers, on the other side, lead the price towards 1.0550 during earlier trades and gapped the mentioned region amid late EU session.

The 4-hour chart identified the price was under the moving averages and these MAs moved downwards. Resistance came in at 1.0600, support touched 1.0550.

The MACD is positioned around the negative zone. In case the histogram remained within that territory, the position of the seller will reinforce. Moreover, the RSI indicator moves close to the undervalued area, supporting a higher move.

According to forecast, the major hovered in the descending channel and the EUR was kept intact in the pressured area. A close below the 1.0550 level would prompt the pair to continue its declines to 1.0500 mark.
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