EUR/USD: Weekly Analysis for UK Forex Brokers
In Today’s session EURUSD has lost ground for the second session successively after it hit 7-weeks high yesterday amid the growing attempts of USD to recover against the major currencies following the short positions which extended the USD fall to its lowest in seven weeks.
EUR/USD currently is trading at $1.0795, after it reached its highest at $1.0798 and its lowest at $1.0784 in today’s session while its opening price was $1.0793.
Euro declined as the greenback was seen to limit its losses after it recovered for the second straight day signaling that markets seek a bullish correction after multi-week lows, the markets also await the Federal Reserve Chairman Yelen’s comments later today.
Federal Reserve member comments that she envisages more than three interest rate hikes in this year supported USD recovery against EUR owing to the fluctuating forecasts of the US rate raise.
However, during the last three weeks EUR has boosted by positive inflation data in Eurozone, besides the ECB’s projections of a gradual withdrawal of stimulus package following the robust data of growth.
Technical Analysis of EURUSD 23 March 2017
EURUSD pair is trading at 1.0786, it’s traded at the side trend following its reversal from the bearish trend after it failed to breakout the pivotal resistance level the as shown in the chart.
Currently pair is traded at Moving Average line, both indicators MACD and Stochastic shows a negative crossing to the bearish trend on the four-hour time frame.
So, it is expected that price continues its decline targeting 1.0750 level on short term.
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