Euro Heads Lower due to PMI


Euro slipped lower on Monday after PMI data.
The lowest price target touched by EURUSD was 1.3773. Shall we consider
this price as a support zone ?

The 4H chart indicates a bearish outlook for Monday as much as you can see a bearish pattern.
Fundamentally, March China PMI showed another dip to 48.1 contributing
for bearish traders to play the downside on the market.

 

Outlook: Bearish
Next Target: 1.3744
Breakout: Neutral
OB/OS : Oversold

Variation: -0.20%
Highest Price: 1.3825

Euro also is declining against JPY due PMI.
Technically, The chart have a bearish pattern.


Outlook: Bearish
Next Target: 140.73
Breakout: Neutral
OB/OS : Oversold

Variation: +0.05%
Highest price: 141.80

There is possible support zones to be touched.
Support 1 – 140.60
Support 2 – 140.40

Banking Recommendations:
According to UBS :
"During last week's FOMC meeting, Fed Chair Yellen implied that the first hike to the Fed Funds target could happen as early as Q2 2015. This is likely to render the dollar increasingly sensitive to a faster rebound in US economic data over the coming months. That’s already incorporated into our existing dollar view, but we take this opportunity to fine tune our forecasts elsewhere," UBS clarifies.

 

igor.titara@hotmail.com'
Igor Titara

Igor Titara is a Forex trader and a market analyst. He's in the industry for 2.5 years. Forex remains his major interest and profession. He holds a Degree in Mathematics&Statistics by Federal University of Ceará or UFC. His work includes fundamental and technical reports on various currency pairs, gold/silver. His technical analysis features bullish and bearish patterns, supply and demand zones, volume, breakouts and Fibonacci levels.

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