Euro price action says a sideways to uptrend possible
Technical Overview: Euro currently trading at 1.1335 made a low at 1.1318 and high at 1.1338 in Asian session as of writing. Technically trading above 1.1320 key resistance now turned to support, sustain above 1.1380 can see till next resistance level at 1430 or 200MA and 1.1450 further. 4hr chart showing a clear uptrend and trading above 200MA can continue the uptrend till 1.1430/1450 higher side. Overall Buy on dips is advised for the day.
Fundamental: EURUSD appreciated by 0.7 percent last week. German data fell short of the market’s expectations, denting demand for the shared currency. Meanwhile, CPI from Germany came in at 0.4% for Feb’19 against market expectations of 0.5 percent. The central bank changed its forward guidance on rate hikes, stating that would remain at their present levels ‘at least through the end of 2019, and in any case for as long as necessary.
Suggestion: BUY EURUSD ABOVE 1.1330 FOR 1.1365/1380 ELSE SELL BELOW 1.1280 FOR 1.1220/1200
Important levels to watch:
S1: 1.1320 S2: 1.1280 S3: 1.1230
R1: 1.1380 R2: 1.1420 R3: 1.1480