Everyone eyes on the ECB press conference falls on Wednesday April 15th. We expect the ECB to keep the interest rates on hold. At the end of the week Final CPI data will attract the attention. This week, the ECB meeting is the major event. The eurozone deputy finance gave a 6-working day deadline to Greece. Greece needs to submit the revised reforms list. Italy industrial production data are due for release today. Economists expect a rise by 0.5% compared to January it was negative 0.7%.
Weekly technical analysis:
After 3-week consolidation, the euro cracked against the US dollar again. The pair has almost erased most of its 3-week gains. The pair has the weekly parallel minor support found at 1.0568 below this 1.0463 is likely to act as major support. In case of a close below 1.0463, bears can challenge towards 1.0275, and 1.0000. In this case, we can expect another 500 pips fall in the near term. Weekly resistance is seen at 1.0820. Until the price closes below 1.0820, forget about buying, use every rise to sell. The panic will be triggered below 1.0460. The weekly trading pattern is framed between 1.0460 and 1.0820.
Intraday technical analysis:
The fresh new week starts on a bullish bias. At the Asian session, the euro is trading higher against USD. Hourly support is found at 1.0580 . Intraday resistance is seen at 1.0640. In case if the pair moves towards 1.0635, use this rise to sell with sl 1.0685. This view is good only for intraday basis. Positional trade exists with sl 1.0820 selling between 1.0710 and 1.0750. The intraday panic will be triggered below 1.0580 with targets at 1.0550, 1.0500, and 1.0485. All time interval charts favor bears. Last week, we initiated selling below 1.0800 with target at 1.0600. All targets met made low at 1.0568.
Support: 1.0580,1.0550, 1.0485
Resistance: 1.0640, 1.0740, 1.0820
Trade: Forget about buying. Sell, nothing else.
The material has been provided by InstaForex Company - www.instaforex.com
