EURUSD is this a trend continuation? Do we have conviction?
Technical
The EUR/USD broke its rising wedge formation at the start of February. So far, the trading conditions have been subtle. There is plenty of room for price to drop to the support level above 1.1200. Currently it is too late to be in a short position for a swing trade but short term bias favors the bears. A break below the super strong level of support at 1.12712 is the signal we are looking for to short the Euro until 1.12120. The next target is around 1.1100.
Fundamental
Yearly GDP has fallen in the Eurozone as expected and the ECB will speak on the risks and hardships that the Union is faced with. Volatility is expected during Non-Farm Payrolls on Friday. The European Central Bank has announced its third round of easy money (TLTRO) in five years. Starting Monday March 11th the European Union is holding meetings regarding government policy. Finance ministers are meeting to discuss the troubles with the debt load on sovereign banks and Italian and Greek loans. Keep an eye out for CPI data on Friday March 15th.
The EUR/USD broke its rising wedge formation at the start of February. So far, the trading conditions have been subtle. There is plenty of room for price to drop to the support level above 1.1200. Currently it is too late to be in a short position for a swing trade but short term bias favors the bears. A break below the super strong level of support at 1.12712 is the signal we are looking for to short the Euro until 1.12120. The next target is around 1.1100.
Fundamental
Yearly GDP has fallen in the Eurozone as expected and the ECB will speak on the risks and hardships that the Union is faced with. Volatility is expected during Non-Farm Payrolls on Friday. The European Central Bank has announced its third round of easy money (TLTRO) in five years. Starting Monday March 11th the European Union is holding meetings regarding government policy. Finance ministers are meeting to discuss the troubles with the debt load on sovereign banks and Italian and Greek loans. Keep an eye out for CPI data on Friday March 15th.
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