ZuluTrade Blog
Image

Daily Morning Briefing

Nowotny gives the hint - EURUSD Technical Outlook

Friday, March 17, 2017 8:19 AM GMT

FOMC offered the initial boost on EURUSD, so USD weakness, but Nowotny confirmed the positive momentum on the pair. The Austrian ECB council member gave an exclusive interview on Handelsblatt and he implied the possibility of loosing ECB’s monetary in a different way than FED. Traders understood that ECB might increase the interest rates sooner than expected. 

TECHNICAL OUTLOOK

Daily

We have noted a major resistance zone (1.08-1.087) as well a major descending trendline (yellow). There is a clear confluence of the above as noted on blue area. In the event of bearish rejection (bearish candlesticks), bears would get a great opportunity of selling it. On the other hand, bulls need a valid breakout and a valid retest in order for the pair to activate higher targets (1.12+).

 

H4

The price is following the rising channel rather nicely. It is currently testing the upper side as well we see there is no MACD negative divergence.

 

Hourly

Going on lower timeframe, it’s a good opportunity to review the price structure while it’s heading upwards and creating higher highs/lows. It is moving inside channels within a bigger channel (see H4 above). We have noted two blue support zones. The number 2 is placed according the symmetry of the number 1. It could offer a solid support to the bulls in case there is a downside retracement.



  


Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. Forex Brokers and ZuluTrade are compensated for their services through the spread between the bid/ask prices or there may be a cost to initiate a trade through the bid/ask spread. Signing up is totally free, and there is NO contract and NO monthly fees, ever.

This blog is for informational purposes only. This blog is not intended for distribution channels and may not be reproduced or distributed without the permission of Zulu Trade ltd or any of its affiliated entities (“ZuluTrade”). All opinions, news, prices or other information contained in this blog are provided as general market commentary and this report does not contain and it is in not to be considered in any circumstance as market analysis, offer or solicitation to buy or sell any financial instruments, personalized or general recommendation for any investment decision or investment strategy by ZuluTrade, in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this blog should not be construed as financial or investment advice on any subject matter. The financial instruments referred to herein may not be suitable for all investors and any investments on such financial instruments requires the assessment by each investor and its counsels of the investor’s investment characteristics, including the investment risks which the latter is willing to assume. This blog has been based on information which has been made public, obtained from sources believed to be reliable, but it has not been verified by ZuluTrade. No representation or warranty (expressed or implied) is made as to the accuracy, completeness, correctness, timeliness or fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility of liability whatsoever of howsoever arising is accepted in relation to the contents hereof by ZuluTrade or any of its directors, officers, employees. Further, no representation is being made that any results will be achieved, and past performance is not indicative of future performance.