EUR/USD
Germany factory orders-Price-adjusted new orders in manufacturing in February 2015 decreased seasonally and working day adjusted 0.9% on January 2015 (following a corrected –2.6% in January 2015 on December 2014).
Retail sales – down by 0.2% in the euro area.
In the euro area, the seasonally adjusted volume of retail sales fell by 0.2% in February compared to January and remained stable in the EU, according to estimates from the statistical office of the European Union.
Upcoming data:US unemployment claims and German Industrial production data are due for release today.
Technical view: At yesterday's session, eurozone and Germany data did not support the euro. After the FOMC minutes, USD rebounds against the major pairs and take back the leadership. The pair continued its downward journey for the third day as well. The pair edged lower, broke the support at 1.0800 20Dsma and closed below that. The pair edged lower after testing 1.1036. Time frames look negative for the pair, with a possible double top pattern forming on the four-hour charts, with tops around 1.1055. The support stands at 1.0800, which was broken. The pair is going to target at 1.0750 and 1.0700. In case the price fell below 1. 0700, the current short uptrend will be erased. The trading pattern is framed between 1.0700 and 1.1055. Any close is likely to add or cut 150 pips immediately. Until the pair closes above 1.0700, bulls hope to print 1.1300 lives but chances are remote. Intraday resistance is seen at 1.0810 and 1.0825. Support is found at 10750 and 1.0700. In case the price closes below 1.0700, fresh new lows are likely to be made. Yesterday, we recommended selling below 1.0800 with targets at 1.0750 and 1.0715. The pair made a low at 1.0760 waiting for the rest. Panic will be created below 1.0700 towards a new fresh low. In all time interval charts favors to bears.
Trade: Selling below 1.0750, panic below 1.0700.
The material has been provided by InstaForex Company - www.instaforex.com
