EUR/USD
The pair rejected at the resistance zone again. The multi-resistance zone is seen at 1.1042 and 1.1053. The strongest resistance is at the 1.1075 50Dsma. USD rebounded against the euro after the US PMI data. The number of Spanish unemployed registered at the offices of the Public Employment Services dropped to 60,214 people in March. The total number hit 4,451,939 people. This is the largest decline in unemployment in the month since 2002.
Upcoming events:
Traders eye on Spanish and Italy services PMI, investors' confidence and PPI data. The major event falls on Wednesday FOMC meeting minutes. Ahead of the big event, the euro is trading above USD at the Asian session.
Technical view:
The pair changes its direction from 1.0463, made high at 1.1053. The near-term outlook favors bulls. The intraday support is found at 1.0900 and weekly – at 1.0850. Intraday resistance is seen at 1.1055 and weekly – at 1.1075. In case the price manages to close above 1.1075, bulls can challenge towards 1.1300. Until the pair closes above 1.0700, bulls are going to try breaching the resistance zone around 1.1300. Weekly trading is framed with 1.0700 and 1.1055. We recommend buying above 1.1055, safe buying above 1.1075 with target at 1.1300. On the downside, we recommend selling below 1.0850 with targets at 1.0700, 1.0614, 1.0580, 1.0460, and 1.0375. The real panic will be triggered below 1.0700 only. In case the price closes below 1.0700, fresh new lows are likely to be made.
Trade:
Buying above 1.1055, safe buying above 1.1075
Selling below 1.0850
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The material has been provided by InstaForex Company - www.instaforex.com
