EUR/USD Daily Forecast – 10 March

There were no data releases from the Eurozone yesterday. Selling pressures are likely to have increased on the euro, as there is ambiguity over the course of action that the European Central Bank (ECB) will take at their policy meeting, which will take place in Frankfurt tomorrow. This is despite the positive GDP data that was released yesterday by Eurostat, especially the 1.6% productivity rise year on year in January 2016. Analysts at Societe Generale believe that risk aversion is failing to support the euro, and it’s trading less like the yen, amid the concerns about immigration and ‘Brexit’.

EUR/USD Daily Forecast – 10 March

Euro was initially pushed lower in the course of the yesterday's session but once again found support around 1.0940 level, and managed to break above 1.10 handle by the end of the session. Tomorrow, focus will be on ECB monetary decisions and the following press conference. Pair is likely to find some amount of support around 1.0950, initially, and 1.0850 in extension, while area around 1.1050 level should offer some amount of resistance as this was the case in the past few sessions, but if wee break above this area next resistance can be expected around 1.1150 area. Read more...

Euro falling ahead of tomorrow's ECB Meeting

EUR/USD Daily Forecast – 09 March

Euro tested 1.1050 handle as a resistance in the course of the session on Tuesday, but once gain failed to break higher and pulled back to 1.10 handle by the end of the session. With no major data releases on Wednesday we can expect another steadier session, with euro once again testing 1.1050 handle. Pair is likely to find some amount of support around 1.0950, while area around 1.1050 level should offer some amount of resistance as this was the case in the past few sessions. Read more...