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EUR/USD Analysis: bullish, despite unable to break 1.1300

Written by By Russell Shor, CFTe, MFTA | 2019-03-13 12:39:27 GMT

The EUR/USD pair hovers around the 1.1300 figure, confined to a tight intraday range for a third consecutive day. The pair is modestly higher, as the greenback remains out of market's favor, following a batch of mixed US data. According to the official releases, the Producer Price Index was up by 0.1% in February, missing the market's expectations of 0.2%.  Yearly basis, producer prices rose by 1.9% as expected. The core readings were slightly below forecasted. US Durable Goods Orders increased by 0.4% in January vs. a 0.5% decline expected, while December number was upwardly revised to 1.3%. The more relevant Nondefense ex Aircraft sub-component increased by 0.8% largely surpassing the 0.1% forecasted.

Earlier in the day, the EU released Industrial Production readings for January, up in the month by 1.4% and down yearly basis by 1.1%, both better-than-expected. Asian equities edged lower, exacerbating the negative mood early Europe, albeit indexes in the Old Continent trimmed early losses and now hover around their opening levels, pushing Wall Street higher ahead of the opening.

 The pair is battling around the 50% retracement of the 1.1419/1.1175 slide, ever since Tuesday US session, with a couple of spikes above the level having been quickly reverted. The short-term picture, however, maintains the risk skewed to the upside, as in the 4 hours chart, the pair continues developing well above a bullish 20 SMA, while technical indicators hold well into positive ground, lacking directional strength. The 61.8% retracement of the mentioned decline is at 1.1330, providing a more relevant resistance that the pair needs to break to gain some upward traction.

 Support levels: 1.1265 1.1220 1.1185  

Resistance levels: 1.1330 1.1375 1.1410

View Live chart for the EUR/USD

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By Russell Shor, CFTe, MFTA

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