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EUR/USD: Stay Short

Published 04/13/2016, 11:22 AM
Updated 03/09/2019, 08:30 AM
EUR/USD
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DX
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4-Hour EUR/USD

Yesterday the pair showed a choppy trade and fell slightly on the day. The US dollar was supported by commentaries from Fed officials who support an interest-rate hike in the near future due to continued strength in the labor market and likely accelerating inflation. In addition, the pair was pressured by the US Import Price Index, which grew in March by 0.2%. That figure came out worse than expected, but still showed its first growth in nine months.

Daily EUR/USD

Bollinger Bands® on the daily chart are moving up while the price range is narrowing. MACD is falling and giving a strong sell signal. Stochastic is falling as well.

The indicators recommend short positions.

  • Support Levels: 1.1376 (local low), 1.1326 (6 April low), 1.1300, 1.1246, 1.1200, 1.1160 (24 March low), 1.1100, 1.1057 (16 March low).
  • Resistance Levels: 1.1437 (local high), 1.1464 (local high), 1.1500 (end of August 2015 high), 1.1533, 1.1560.

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