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  • EUR/USD Forecast – Euro To Dollar Heading Towards 1.1200?

    EUR/USD Forecast – Euro To Dollar Heading Towards 1.1200?

    • – The Euro made a solid upside move this week and traded above 1.1020 against the US Dollar.
    • – There is a major bullish trend line formed with support at 1.1100 on the hourly chart of EUR/USD.
    • – Today in the Euro Zone, the German Producer Price Index for April 2017 released by the Statistisches Bundesamt Deutschland posted an increase of 0.4%.

     

    German Producer Price Index

    In the Euro Zone today, the German Producer Price Index for April 2017 was released by the Statistisches Bundesamt Deutschland. The market was positioned for the PPI to increase by 0.2% in April 2017, compared with the previous month.

     

    However, the result was well above the forecast, as the German Producer Price Index increased 0.4%. In terms of the yearly change, there was an increase of 3.4% in April 2017, more than the forecast of 3.2%. The report highlighted that “Energy prices rose by 4.6%, though the development of prices of the different energy carriers diverged. Prices of petroleum products increased by 14.9% and prices of electricity by 8.2%, whereas prices of natural gas (distribution) decreased by 6.1%”.

     

    Overall, the EUR/USD has all the reasons to march higher, and it may soon trade above the next hurdle at 1.1200.

     

    EUR/USD Technical Analysis

    The Euro is in a nasty uptrend as it broke the 1.1000 and 1.1020 resistance levels against the US Dollar. The upside move was such that the EURUSD pair also broke the 1.1100 level to trade towards the 1.1200 handle.

     

    EUR/USD Technical Analysis Euro US Dollar

     

    However, there was no test of 1.12000, as the pair traded as high as 1.1170. Later, there was a tiny correction wave initiated, as the pair moved towards the 1.1080 support zone. At 1.1080, the 23.6% Fib retracement level of the last wave from the 1.0838 low to 1.1170 high acted as a barrier and prevented losses.

     

    Moreover, there is a major bullish trend line with support at 1.1100 on the hourly chart, which is acting as a buy zone and holding declines. As long as the pair is above the highlighted trend line support area or 1.1100, there is a chance of EUR/USD testing the 1.1200 handle or even clearing it for further gains.

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  • EUR/GBP Forecast – Can Euro Hold This Vs British Pound?

    EUR/GBP Forecast – Can Euro Hold This Vs British Pound?

    • – The Euro after failing near the 0.8788 level against the British Pound moved down.
    • – The EUR/GBP pair is currently trading near a bullish trend line with support at 0.8650 on the 4-hours chart.
    • – The German Producer Price Index released by the Statistisches Bundesamt Deutschland posted a rise of 0.2% in Feb 2017, compared with the previous month.

     

    German Producer Price Index

    Today in the Euro Zone, the German Producer Price Index for Feb 2017 was released by the Statistisches Bundesamt Deutschland. The market was expecting the average changes in prices in the German primary markets to increase by +0.2% in Feb 2017, compared with the previous month.

     

    The outcome in line with the forecast, as the German Producer Price Index increased 0.2% in Feb 2017. In terms of the yearly change, there was a rise of 3.1% in Feb 2017, compared with Feb 2016. It was more than the forecast of +2.9%, and more than the last +2.4%. The report mentioned that “Energy prices increased by 5.4%, though prices of the different energy carriers diverged. Prices of petroleum products increased by 22.7%, whereas prices of natural gas (distribution) decreased by 7.5%’.

     

    Overall, the result was better for the Euro, which may help EUR/GBP in gaining bids near 0.8650 in the short term.

     

    EUR/GBP Technical Analysis

    The British Pound struggled a lot against the Euro, as EUR/GBP climbed above a couple of important resistances like 0.8600 and 0.8700. The pair traded towards 0.8800, but failed to break the 0.8788 level. There were two attempts to clear 0.8788, but the Euro buyers failed to surpass it.

     

    EUR/GBP Technical Analysis Euro Pound

     

    As a result, there was a downside move, and the pair moved below 0.8750. Later, it broke a bullish trend line on the 4-hours chart at 0.8720. And, finally there was a move below the 23.6% Fib retracement level of the last wave from the 0.8402 low to 0.8788 high.

     

    At the moment, the pair is trading near a bullish trend line with support at 0.8650 on the 4-hours chart. The same trend line is also above the 100 hourly simple moving average at 0.8640. So, we can say that the pair is trading above a major support at 0.8650-0.8640. It might bounce or break it for more losses.

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