EUR/USD: The Euro remains confined in a range close before a busy day

© O Financista. EUR/USD remains in its range before a busy day

A new week, a new month and a new quarter start for the european currency, but for the moment, the indecision still prevails, as is the case since last Thursday.

It should be remembered that, after having fallen sharply from the peak post-Fed Wednesday, march 20, the pair EUR/USD has started a correction which has led her to be close to the psychological threshold of 1.12 last week.

However, the sellers were not able to push the pair EUR/USD below the psychological threshold key, and a consolidation in a channel 1,1215-1,1240 was committed.

On Monday morning, therefore, the situation remains the same on the EUR/USD pair, with an indecision that was dominant in the short term, and a background trend, which remains bearish.

From the point of view of fundamental analysis, it should be noted that the PMI manufacturing indices on the final of the Euro Area have proved disappointing, 44.1 against 44.7 in the first estimate for Germany, and at 47.5 against 47.6 for the euro area as a whole, and this puts a slight pressure on the Euro.

Later at 11am, it is then the CPI in the Euro Area than investors expect. This afternoon in the United States, traders will focus then at 14: 30 on February retail sales, then on the PMI Manufacturing index for march at 15: 45, and especially the manufacturing ISM index at 16 pm.

Apart from these economic indicators, we will of course pay attention to the folder of the Brexit, the outcome of which remains very unclear, which weighed on the GBP/USD, and so on EUR/USD correlation.

The subject of the trade war China-USA offers of are side more reasons to be optimistic, after a positive encounter between the negotiators US Lightizer and Mnuchin, and the deputy prime minister chinese Liu He last week.

From the point of view of technical analysis, a break below the lower bound of the range current 1,1215 would see to the psychological threshold of 1.12, and possibly to the low annual 2019 1.1175, before 1,1150 and 1.11.

Has the upside, a break above the high of the range to 1,1240 could afford to consider an increase to be 1.13, and then 1,1360 and 1,14 in a first time.

Find news and analysis France on Facebook-Investingcomfrance, Twitter-InvestingFrance and Telegram-Investingfr.

Like this post? Please share to your friends:
Leave a Reply