Monday, March 25, 2019

EUR/USD - 25 March 2019

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Fundamental Highlights

The Euro lost all of its weekly gains by closing exactly on 1.13 after fears of global economic slowdown sent traders to buy the greenback as a safe haven. The manufacturing sector is in contraction territory, German's manufacturing index fell to 44.7 a 79-month low, while the services one printed 54.9 the lowest in two months. For the whole Union, the Manufacturing PMI resulted at 47.7, a 71-month low, while for the services area, the index resulted at 51.3, its lowest in two months. US PMI came in below the market's expectations, but at least held into expansion territory. Today, the only relevant data scheduled to release is German Ifo Business Climate index. 

Technical Analysis

The Euro continued to break lower on Friday extending its losses towards 1.1275 (S1) after finding support above that level. Price is currently trading around 1.13 (R1), the bulls will try to push the single currency higher towards 1.1325 (R2) or even 1.1350 (R3) and the bears will attempt to continue their current dominance by breaking to new lows. 

Support:1.1275 / 1.1250 / 1.1225 
Resistance:1.13 / 1.1325 / 1.1350

Chart (H4)