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Home » Daily Technical Reports » EUR/USD Daily Technical Report 22/03/2016

EUR/USD Daily Technical Report 22/03/2016

EUR/USD continued trading lower on Monday, but the retreat was stopped slightly above the 1.1220 (S1) barrier. Then the rate rebounded somewhat. The short-term outlook stays positive in my view and as a result, I would expect a clear move above the 1.1260 (R1) to open the way for another test near the 1.1325 (R2) area. Today we get both the German Ifo and ZEW surveys for March, where expectations are for improvement in their expectation indices. This could be the trigger for a move above 1.1260 (R1). The likelihood for a positive move is also visible on our short-term oscillators. The RSI rebounded from near its 50 line, while the MACD, although below its trigger line, shows signs that it could start bottoming. Switching to the daily chart, I see that EUR/USD is still trading between the 1.0800 key zone and the psychological area of 1.1500. Therefore, I would keep the view that the broader trend remains sideways.

EURO 22

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