EURUSD Daily market analysis March 2, 2016
EURUSD Daily market analysis
Chart H4: As we can see from the chart, the pair seems to having a consolidation since yesterday as the market awaits for Non-farm Report, the most important U.S data released before the monetary policy meeting of Federer Reserve next week.
The RSI (14), which has hovered around the 30 threshold for 3 trading days, shows a strong favor of the bear but a correction is expected soon.
Chart D1: In the short term, the currency pair has been downwards as Euro closed lower against the greenback for 11 out of 13 last trading days. The current retreat has pared almost all of the gains in price in the rally from Feb 02 to 11, pushing the pair down more than 4 percent.
In a larger trend, the pair has been heading up with higher lows. However, a breakout occurred on Monday when the price crossed over the support at $1.09187 and keeps ticking down.
The RSI (14) has lowered to 36.36, so close to the oversold zone. The slump is confirmed strongly as the ADX (14), with the –DI above the +DI, is currently at 47.80.
Daily chart’s resistance levels: 1.10507 / 1.11461
Daily chart’s support levels: 1.07775 / 1.07085
H4 chart’s resistance levels: 1.09004 / 1.09464
H4 chart’s support levels: 1.08163 / 1.07771