Higher linear regression channel: direction – downward.
Lower linear regression channel: direction – downward.
Moving average (20; smoothed) – sideways.
The fourth trading day of the week begins with the continuation of the downward movement, which was initially identified as a correction. However, at the moment, the quotes of the EUR/USD pair are fixed below the moving average line, so the trend is changed to a downward one. The same can be said for the Ichimoku indicator system, where the price overcame the Kijun-sen line. Thus, now the movement can continue with the goal of the Murray level of “1/8”-1.0864 or lower. However, we already warned in yesterday’s article that the current downward movement may be nothing more than a “correction against a correction”. Thus, according to all the canons of the size of the corrective movement, it can end in the area of 1.0833-1.0893. If this hypothesis is correct, then the downward movement will not continue for long. Moreover, the movement to the south means the growth of the US currency. Yesterday, macroeconomic statistics supported the dollar. However, in addition to statistics, there is now a much more important “epidemic factor” in the world. And, according to the latest information,…
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Following the release of U.S. ISM manufacturing PMI for March and construction spending for February at 10.00 am ET Wednesday, the greenback changed little against its major rivals. The greenback was trading at 107.24 against the yen, 0.9663 against the franc, 1.2418 against the pound and 1.0929 against the euro around 10:05 am ET. The material has been provided by InstaForex Company – www.instaforex.com…
Since January 13, progressive bearish pressure has been built above the price level of 1.2780-1.2800 until March the 2nd when transient bearish consolidation below 1.2780 took place within the depicted wide-ranged slightly bearish channel.Shortly after, significant bullish rejection was demonstrated around 1.2780 on March 4. Hence, a quick bullish movement was expressed towards the price zone of 1.3165-1.3200 where significant bearish pressure brought the pair back below 1.2780, 1.2500 then 1.2260 via quick bearish engulfing H4 candlesticks.Recently, the GBPUSD has reached new LOW price levels around 1.1450, slightly below the historical low (1.1650) achieved in September 2016.Recently, the GBP/USD pair looked very OVERSOLD around the price levels of 1.1450 where a double-bottom reversal pattern was recently demonstrated.Technical outlook will probably remain bullish if bullish persistence is maintained above 1.1890-1.1900 (Double-Bottom Neckline) on the H4 Charts.Bullish breakout above 1.1900 (Latest Descending High) invalidated the bearish scenario temporarily & enabled a quick bullish movement to occur towards 1.2260.Next bullish targets around 1.2520 and 1.2680 are expected to be addressed if sufficient bullish momentum is maintained.On the other hand, H4 Candlestick re-closure below 1.2265 hinders further bullish advancement and enhances the bearish momentum on the short term.If so, Initial Bearish target would be located…
Euro area jobless rate unexpectedly eased to its lowest level since in over a decade in February, just ahead of the announcement of coronavirus pandemic containment measures in several countries in the region. The jobless rate fell to 7.3 percent, data from Eurostat showed Wednesday, while economists had expected it to remain unchanged at January’s 7.4 percent. That was the lowest rate since March 2008, the agency added. In February 2019, the unemployment rate was 7.8 percent. The EU unemployment rate was 6.5 percent, unchanged from February. A year ago, it was 6.9 percent. The latest rate is the lowest recorded in the EU since the start of the monthly unemployment series in February 2000, Eurostat said. In February, a total 13.984 million people were unemployed in the EU, of whom 12.047 million were in the euro area. The number of persons unemployed decreased by 62,000 from the previous month in the EU and by 88,000 in the euro area. Compared to the same month last year, unemployment fell by 784,000 persons in the EU and by 663,000 in the euro area. Among the Member States, the lowest unemployment rates in February were recorded in the Czech Republic, the Netherlands…