Where Can Euro Head To Next?

Where Can Euro Head To Next?

By: Darryl Frankfort | Where To Trade | On:10-03-2015 11:18
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Key Highlights

  • Euro’s break of 1.10 was very critical and ignited sharp downside reaction in the near term, which poses risk of more losses moving ahead.

  • In the New Zealand, the Electronic Card Retail Sales measuring purchases made in New Zealand on debit, credit and store cards was reported by Statistics New Zealand, which registered a reading of 1% in February, compared to the preceding month in which it declined by 0.4%.

  • In terms of the yearly change the Electronic Card Retail Sales rose by 3.8% in February 2015.

  • Japanese Bank Money Supply M2+CD released by the Bank of Japan registered a reading of 3.5% in February 2015, compared to the market’s expectation of an increase of 3.5%.

  • British Retail Consortium (BRC) Retail Sales Monitor came in at 0.2% in February 2015.

  • Chinese Consumer Price Index released by the National Bureau of Statistics of China registered an increase of 1.2% in February 2015, compared to the last month in which it gained by 0.3%.

  • In terms of the yearly change the Chinese CPI rose by 1.4% in February 2015.

  • Chinese Producer Price Index was also released around the same, which registered a decline of 4.8% in February 2015 whereas the market was expecting a decline of 4.3%.

EURUSD

Euro’s slide paused starting this week against the US dollar, as it found support around the 1.0820 area. The EURUSD is currently making an attempt to correct higher in the near term, but there are many barriers on the way up for the pair. There is a bearish trend line formed on the 4 hour chart of the EURUSD pair, which might prevent upside if the pair moves higher from the current levels. Moreover, the 38.2% fib retracement level of the last drop from the 1.1237 high is also around the highlighted trend line. So, there is a solid resistance around the 1.0940-80 area.

Intraday Support Level – 1.0800

Intraday Resistance Level – 1.0900

  • Overall, as long as the pair is below the highlighted trend line it might continue trading lower.

  • A break above the same could ignite more gains moving ahead.

If the EURUSD pair continues to move lower from the current levels, then the last low of 1.0800 might come into play.

GBPCHF

The British pound lost the plot against the US dollar, but managed to stay around the elevated levels against the Swiss franc. There are a couple of important support trend lines formed on the 4 hour chart of the GBPCHF pair, which are likely to hold the downside if the pair moves lower from the current levels. Overall, the trend looks bullish for the pair and there are chances of more gains in the near term towards the 1.4950 level.

Intraday Support Level – 1.4840

Intraday Resistance Level – 1.4950

  • Buying dips around the support trend lines look like a good option.

  • A break below the same might call for more losses moving ahead.

On the upside, the last swing high is the level to watch for as a break above could take GBPCHF towards 1.50.

Yen Looks Set For More Losses

Yen Looks Set For More Losses

By: Simon Furman | Where To Trade | On:01-05-2015 11:16

Japanese yen tumbled against most currencies including the Euro and the US dollar, and it looks like it might continue to head lower in the near term.

AUDUSD Remains Buy On Dips

AUDUSD Remains Buy On Dips

By: Ben Myers | Where To Trade | On:30-04-2015 11:13

Aussie dollar was one of the best performing currencies as it traded higher against most major currencies, and looks set for more gains in the short term.

USDCHF At Risk Of A Major Break

USDCHF At Risk Of A Major Break

By: Darryl Frankfort | Where To Trade | On:29-04-2015 11:09

US dollar dived sharply against the Swiss franc and other major currencies, as sellers managed to gain strength exposing a major break in the USDCHF pair in the near term.

US Dollar Poised For Further Rise Versus Yen

US Dollar Poised For Further Rise Versus Yen

By: James Ansher | Where To Trade | On:28-04-2015 10:58

Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.

NZDUSD Gains Favored As It Holds Key Lows

NZDUSD Gains Favored As It Holds Key Lows

By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.

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