FX Market Continues To Consolidate Post Dollar Losses

FX Market Continues To Consolidate Post Dollar Losses

By: James Ansher | Where To Trade | On:27-04-2015 10:46
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Key Highlights

  • US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound.

  • In the Euro Zone, the German Import price index measuring the change in prices for goods imported by Germany released by Deutsche Bundesbank registered a decrease of 1% in February 2015, compared to the same month a year ago and expectation was of a 2% fall.

  • In terms of the monthly change, the German Import price index managed to increase by 1% in March 2015, compared to the preceding month in which it increased by 1.4%.

  • FX market was mostly quiet during the Asian session, as there was a holiday in New Zealand.

  • There is a holiday is Italy, as Banks will be closed due to Liberation Day.

  • Portugal markets also remained closed due to Freedom Day.

  • German Import Price Index failed to help the EURUSD pair, as it traded lower by a few pips.

German Import Price Index

Earlier during the London session, the German Import price index measuring the change in prices for goods imported by Germany was released by Deutsche Bundesbank. The market was expecting it to decline by 2% in March 2015, compared to the same month a year ago. However, the outcome was above the forecast, as the German Import price index decreased by 1.4%.

When we analyze the monthly change, then the German Import price index registered a rise of 1% in March 2015, compared to the preceding month. The outcome was once more on the higher side, as the forecast was of only 0.5% increase. In short, the outcome was above expectation, but it failed to help the EURUSD pair during the London session. The pair fell towards the 1.0820 level where it managed to find buyers and hold the downside.

There were no other major releases lined up in the Euro Zone, and as a result, there were no nasty moves noted in the FX market. Mostly all major pairs consolidated in a range and was eyeing a catalyst in the near term for further action.

Technical Outlook – EURUSD

As mentioned, the Euro managed to stay above an important support area of 1.0820-00, which can be considered as a positive sign in the near term. There was a solid reaction noted around the mentioned area and as of writing the pair is making an attempt to correct higher. On the upside, the 1.0860 level might act as a resistance now and if the pair manages to break it, then more gains are likely. Alternatively, if the pair fails to break higher and moves back lower, then the last low of 1.0820 might be tested again. We need to see how it reacts in that situation, as a break below the same could easily take the EURUSD pair towards the next support at 1.0760. Any further losses might depend on how the US dollar trades in the near term.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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