EUR/USD Daily Technical Analysis

The single currency recorded a second loss against the US dollar on Monday. The pair opened at a price of 1.1269 and after a volatile session, the euro lost 30 pips. The pair remains at risk of further decline, as next target are appearing levels at 1.1100. A breakthrough of 1.1286 might change the direction.

The dollar continues its positive performance since the end of last week. Despite the statements of three presidents of the Fed, in April and June is still possible interest rates rise, the market did not react strongly. The US currency found good support and managed to advance against the euro. The single currency was trading at levels of 1.1230, which was a decrease of 0.28%.

EUR / USD was indecisive yesterday. The outlook remains neutral in nearest term but we have potential false breakout scenario as seen on hourly chart, especially if price able to make a clear break and daily close below 1.1200, re-testing 1.1065.

EUR/USD hit a new fresh intraday low at 1.1169. The continuing downward trend will direct price to the next support at 1.1100. Otherwise it will face resistance at 1.1286.

The single currency registered a decrease against the dollar on Wednesday. The pair opened at 1.1214 and after a steady downtrend lost 35 pips. If the bearish trend continues, the pair will head to the support at 1.1100 in an attempt to break through.

Despite the fundamental jitters in US, the USD keeps steady positions. Agains the yen we witnessed an increase of 0.4%, against GBP - 2%. Menawhile the euro fell to an 8-day bottom, reaching 1.1144. Since the beginning of the week the single currency lost nearly 1 %.

The dollar rose against major rivals on the last day of the week as market liquidity remained low, as most markets were closed for Easter. The euro weakened against the dollar, shielding the session at 1.1164, slightly lower than the previous day.

Morgan Stanley analysts point to two reasons for the rising of the euro. First, last year foreign investors have cut the rate of currency hedging in debt instruments in euros, reinforcing the upward pressure on the currency. Second, over the past few months accelerate the process of diversification of foreign exchange reserves in favor of the euro.

Forex strategists at Barclays Capital noted that the decline in EUR/USD in the 1.1145 area would strengthen the bearish forecast for the pair as the next target is the area around 1.1055.

The euro marked an increase against the dollar on Monday and thus the single currency broke the negative momentum from last week and partially recovered. If the positive trend continue in the future, the resistance at 1.1244 will be pierced. Session on Monday started a price of 1.1163 as bulls took control in the afternoon. Peak of the day was reached in 1.1219, and the closed with 25 pips below.

The euro recorded a second consecutive increase against the dollar on Tuesday. The growth of the single currency was significant and came suddenly before the end of the session. As a result, resistance at 1.1244 has been overcome. If the bullish trend continue in the future, the pair will test the key level at 1.1343.

Interesting levels to watch for today:
Support: 1.1143; 1.1103;
Resistance: 1.1325; 1.1345.

Trading on Tuesday launched at a price of 1.1194, while the euro gained 95 pips to finish. Top of the day was scored just before the end of the session at 1.1302.

The single currency rose sharply against the US dollar on Tuesday after Janet Yellen declared that the US central bank should be careful in the coming increases in interest rates in the country.

On Wednesday, the Chicago Fed President Charles Evans supported the position of the head of the US central bank's Janet Yellen and suggested that a raise of the rate at the April meeting is less possible.
In an interview with CNBC Chicago Fed president added that he would be surprised if all the conditions for the raise of the rate will be executed until the next meeting in April, although he noted that the rise could happen in June, when the labor market will continue to strengthen.

EUR/USD continued the bullish momentum yesterday and made a high at 1.1364. The outlook remains bullish especially if we see a clear break above 1.1375, to test 1.1450-1.1500 area. Immediate support is seen at 1.1280.

The euro recorded fourth consecutive successful session against the dollar on Thursday. The single currency continued the positive momentum that started earlier in the week and as a result broke the resistance at 1.1376. If bulls continue to prevail, the pair might break the key level at 1.1439.

The positive labor market data encouraged the greenback to add around 30-40 pips and EUR/USD declined below the $1.14 mark.

I expect EUR/USD to reach 1.1495 next week.

During the last week bulls supported the single currency and pushed it to six-month high at 1.1437. The euro gained almost 220 pips for the week to a closing price of 1.1389. From the USD perspective, the negative trend continues with bulls trying to cap the important 1.15 level. Having in mind the overbought circumstances, correction is not excluded to 1.1290.