EUR/USD Daily Technical Analysis

Barclays forcasts renewal of the downtrend in EUR/USD. Analysts say while the rate remained below $ 1.1050, the situation is favorable for bears. At Barclays expect recovery of downward dynamics, with an initial aim of $ 1.0825, followed by $ 1.0710.

Rumors about the ECB meeting got the investors nervous. Investors expect during the meeting Mario Draghi with his colleagues on Thursday to cut interest rates on deposits and so they reach a level of 0.4%. It is expected that the bank to impose additional measures to ease the economy.

Now seems that eur will turn bearish ahead of ECB meeting tomorrow.

Next levels to watch for:
Support: 1.0892; 1.0822;
Resistance: 1.1066; 1.1119.

The euro reported minimal changes in value through the trading session on Tuesday after market participants were awaiting the important meeting of the European Central Bank later in the week.
The pair traded in a narrow range between 1.0993 and 1.1057, before settling at 1.1010.

EUR/USD tried to trade lower yesterday, bottomed at 1.0945 but closed higher at 1.0999. The alerts are neutral in nearest term, probably with slight bearish signals for re-testing 1.0945. A clear break below that level could lead to further downward pressure to test 1.0900 key support. On the upside, 1.1065 - 1.1100 remains an important area of ​​resistance. A clear break and daily close above that area is possible to activate the bullish pattern to test 1.1250. On the other hand, a clear break and daily close below 1.0900 will unchain bears on the downside with targets around 1.0800 or lower.

The euro registered a significant increase against the dollar on Thursday. The single currency has advanced considerably shortly after the meeting of the European Central Bank. So losses from beginning of the week were completely wiped out, and the two resistances at 1.1066 and 1.1119 were pierced. If the bullish trend continues, the pair will reach the key level at 1.1244.

The single currency hit low against the dollar after the ECB announcement. Subsequently, however, the euro recovered positions and shoot up after ECB President Mario Draghi said he does not expect a need for new interest rate reduction in the future, but interjected that "this fact is subject to change."

Next levels to watch for:
Support: 1.0892; 1.0817;
Resistance: 1.1066; 1.1119; 1.1244;

The pair continued its decline for a second day, as the euro has depreciated by about 50 pips to closing price of 1.1101. The extreme values were recorded respectively at 1.1175 and 1.1077. The index of relative strength retreated to neutral territory, but the graphics continues to develop over the moving averages as levels at 1.1070 appear to be additional support downwards.

The pair traded in a narrow range during yesterday's session and remained without any significant changes at a level of 1.1105. The extreme values were recorder at 1.1124 and 1.1071. The index of relative strength remains in neutral territory but the chart continues to develop over moving averages. Keeping the the support at 1.1070 creates conditions for the renewal of the upward movement.

Euro/dollar was volatile yesterday. The outlook remains bearish for now, but as long as the price holds above 1.1065, the pair is still in the upward phase targets near the trend line resistance, localized around 1.1300. On the downside, a clear break below 1.1065 will become a threat to the bullish phase targets near 1.1000 or lower. Resistance for the day is 1.1125 (yesterday's high). A clear break above it could trigger further bullish pressure testing 1.1200. The main technical outlook remains neutral.

Interesting levels to warch for:
Support: 1.1070; 1.0945; 1.0790;
Resistance: 1.1240; 1.1380.

The single currency recorded a significant growth against the dollar yesterday after the Federal Reserve left interest rates unchanged. Extreme values were reached at 1.1241 and 1.1057. The main technical outlook remains neutral, but as long as stays above 1.1065, the price is still in the upward phase.

The single currency continued to add value against the dollar during yesterday's session, gaining almost 100 pips to 1.1314. Trading took place within the extreme values 1.1205 and 1.1342, and thus the euro scored a one month peak. Currently, the bulls remain in a leading position as an immediate target appears to be 1.1380.

Interesting levels to watch for:
Support: 1.1240; 1.1070; 1.0790;
Resistance: 1.1380; 1.1485.

Danske bank: EUR / USD below 1.10? Possible, but not likely.

ECB signaled that they reached the peak at negative interest rates after a year and a half of implementation without significant result. This does not mean that these incentives will not stay long in power. Probably zero interest rates will persist, which will benefit industrial companies and major European exporters. Commercial banks will suffer from interest rate policy, with continuing heavy restructuring. There is no reason to expect a significant change in the exchange rate of the euro against the dollar over the next six months, a modest increase in US interest rates will not be enough to boost the dollar.

USD felt cheap thrills this week, but still can feel the beat on years of rally and the closeness of near-decade high.

Basically the price is still in bullish phase but it’s needed a clear break and persuasive movement above the trendline and 1.1340 for the continuation of the bullish phase targets near 1.1500. On the downside, key support remains 1.1240 - 1.1200.