Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Daily Report: EUR/USD to Look into Confidence Indicators for Guidance, as Risk Aversion Eased The financial markets responded positively to news that US and China are back on the table for trade negotiation. At least for now, the fear of further escalation in tension is eased. DOW ended yesterday up 669.40 pts or 2.84% at 2420.60. S&P 500 gained 70.29 pts or 2.72% to close at 2658.55. NASDAQ also rose 227.87 pts, or 3.26% to 7220.54. Asian markets follow with Nikkei trading up over 1.6% at the time of writing. Hong Kong HSI is up 0.9%. In the currency markets, Yen is paring much of its recent gains as risk aversion receded, and it's trading as the weakest one for the week so far. Euro and Sterling are the strongest ones thanks to yesterday's rally. But Canadian Dollar is picking up some steam in Asian session too. Trading could start to turn quieter as holidays approach. But Euro traders will look into confidence indicators to be released for the needed fuel for EUR/USD to head to 1.2555 resistance. Also, US consumer confidence will be a feature of the day. Technical Outlook EUR/USD Daily Outlook Daily Pivots: (S1) 1.2376; (P) 1.2419 (R1) 1.2490; More.... The break of 1.2445 resistance confirms resumption of rebound from 1.2154. Intraday bias stays on the upside for further rally to 1.2555 high, which is close to 1.2516 key long term fibonacci level. We'd be cautious on reversal from there. But decisive break will carry larger bullish implications. On the downside, below 1.2358 minor support will turn intraday bias neutral first. And further break of 1.2338 will target 1.2154 and below again. Suggested Readings Gold Price Back In Bullish Zone Above $1,340 USD/CAD Seeks Direction Amid Trade Worries Ahead Of US/Canada GDP Who Faces the Risk of Collateral Damage from U.S. Tariffs? Eurozone Economic Sentiment Expected to Ease in March; Will the Euro Follow Lower? Economic Data
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