Forex Technical Analysis: The bulls scored a good victory yesterday by touching 1.3300 resistance on the back of US Dollar weakness. The German Producer Price Index came out as anticipated, at 0.0% and as a result, the event had a low impact.
Technical Outlook
The pair is showing signs of rejection in the form of the pin bar created
right on the level of 1.3300. Also we note that Bearish Divergence is present: price is printing Higher Highs while the Relative Strength Index is showing Lower Highs. These factors make us believe that price will start to move lower soon. The first support is located at 1.3230 and first important resistance is 1.3400. Of course, the most important level at the moment is 1.3300.
Fundamental Outlook
Today at 08:00 am GMT the ECB will release the Monthly Bulletin which contains the statistical data analyzed when the Interest Rate decision was made and also an outlook concerning the future economic conditions from the Bank’s view point. This is important information for market participants and it will probably generate volatility at the time of the release and depending on the contents. Later in the day at 11:40 am GMT, ECB President Mario Draghi will speak at the Bank of Latvia’s Economic Conference. His public speeches are always watched closely for any hints of future monetary direction and volatility is almost always present.
Technical Outlook
The pair is showing signs of rejection in the form of the pin bar created
right on the level of 1.3300. Also we note that Bearish Divergence is present: price is printing Higher Highs while the Relative Strength Index is showing Lower Highs. These factors make us believe that price will start to move lower soon. The first support is located at 1.3230 and first important resistance is 1.3400. Of course, the most important level at the moment is 1.3300.
Fundamental Outlook
Today at 08:00 am GMT the ECB will release the Monthly Bulletin which contains the statistical data analyzed when the Interest Rate decision was made and also an outlook concerning the future economic conditions from the Bank’s view point. This is important information for market participants and it will probably generate volatility at the time of the release and depending on the contents. Later in the day at 11:40 am GMT, ECB President Mario Draghi will speak at the Bank of Latvia’s Economic Conference. His public speeches are always watched closely for any hints of future monetary direction and volatility is almost always present.
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