EUR/USD Daily Technical Analysis

Forex Strategists at Morgan Stanley noted that cautious comments by Federal Reserve Chairman Janet Yellen supported the single currency.
Analysts do not exclude the possibility of continuing growth to the area 1,16 to 1,17, but keeping these levels would be problematic. At the same time, there are compelling catalysts for downtrend in EUR/USD, so by Morgan Stanley express neutral expectations.

The dollar managed to recover after reaching a 5-month low on Thursday. US currency stopped its down movement, supported by strong data on employment in non-agricultural sectors of the US. New jobs for March reached 215 000. The expectations of economists was for 205 000. The unemployment rate, however, rose to 5%. It was expected to remain unchanged at 4.9%. The data came after the weakest quarter for the dollar in five years.
Following the publication of the data, the euro fell to 1.1335 after earlier failed to rise to 5-month high at 1.1437.

The euro retreated from the 1.14 grip and fell to 1.1388 ahead of the PMI data.

Interesting levels to watch for:
Support: 1.1290; 1.1070; 1.0790;
Resistance: 1.1435; 1.1485; 1.1560.

The euro broke five-day winning streak on Monday, which retreated moderately to dollar to 1.1388. The session ranged in the final values 1.1412 and 1.1357. Currently EUR/USD continues to consolidate above the rising moving averages, but the relative strength index retreated from extreme levels. A likely target is the 1.1435 but break of 1.1355 will open the way for a test of 1.1290.

Euro/dollar had another indecisive movement yesterday. Short-term expectations remain neutral. The longer the pair holds above 1.1335, the price is still in bullish phase for testing 1.1500. On the downside, a clear break and daily close below 1.1335 could trigger further bearish pressure testing 1.1250 or lower. The main technical outlook also remains neutral.

EUR/USD showed quite hesitant steps yesterday. Price slipped below 1.1335 but closed higher at 1.1397. In the short term the tune is neutral. Potential daily range is seen between 1.1500 - 1.1335.

EUR/USD marked a fall during yesterday's session amid a relatively volatile trading. The daily extreme values were reached respectively at 1.1453 and 1.1337 and after all the pair finished at known ground - 1.1376. Technically the bulls continue to dominate. Levels at 1.1435/50 remain a major challenge.

The main support for the current bullish momentum is located around $1.1330, where pinned previous peaks. While staying above, the outlook remains bullish with marking next target at $1.1450, despite the consolidation from the few past days.If the support slumps, the euro eventually will plunge to $1.13 or lower, with another major bullish support at $1.12.

The week ahead is full of Fed’s senior officials speeches and markets will follow them closely, we may expect steep and volatile movements.

The single currency marked a humble decline against the US dollar on Monday. The choppy trading pushed the pair to lose 12 pips, to a closing price of 1.1404. If the direction continue to run down, the euro will face the first support at 1.1286.

Most volatility is expected after publishing US retail sales later on today. Upon good data the USD might push higher.

The single currency recorded sharp drop against the US dollar on Wednesday. The pair lost 111 pips to a closing price of 1.1272. After a steady downtrend, the pair broke first support at 1.1286. In the short term bears will continue to dominate.

EUR/USD broke from the recent consolidation zone between 1.1330 and 1.1440. As long as the pair stays below 1.1330, the outlook remains bearish.

BNP Paribas advised purchases of EUR / USD. Analysts do not expect strong growth, but predict that recovery to levels around $ 1.16 is quite possible scenario. The bank reported that opening long positions in EUR / USD at $ 1.1290 with a stop at $ 1.1140 and objective of $ 1.16.

Euro / dollar was down momentum last week, forming a bottom of 1.1233. Short-term expectations are low to test 1.1200 - 1.1150. Immediate resistance is at 1.1335. A clear break and daily close above that area could lead price to neutral zone as direction would become unclear, possibly re-testing 1.1500. The main technical outlook is neutral.

Key levels to watch for:
Support: 1.1232; 1.1143;
Resistance: 1.1407; 1.1439.

The US dollar fell against its main currency rivals on Friday after poor US data awake anxiety about the state of the economy. The currency pair EUR / USD climbed to 1.1282.

If there is a closing of the resistance at 1.1439, this will give greater priority to rise. If the price crosses briefly and not close above the resistance level, it will give strength to the argument that it is more likely to withstand the resistance test.

EUR/USD felt no thrills after Doha meeting and stayed calm around 1.13.