Fort Financial Services - Analytics

    Fort Financial Services

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    EUR/USD (a 4-hour chart)

    EUR/USD (a 4-hour chart)

    General overview

    The pair failed to take advantage of the widespread dollar weakening amid the weak USA data. Pending Home Sales unexpectedly fell to its lowest level in two years (2.5% vs. the forecast of 0.5%). The European Union released Manufacturing PMI from Markit in Germany for February. The forecast was 50.2, the index came in at 50.5. Unemployment Change release in Germany coincided with the forecast. The index showed -10K.

    The first support lies at 1.0800 and then at 1.0680. The first resistance stands at 1.0925, the next one is at 1.1050.

    There is a confirmed and a strong sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud.

    The MACD indicator is in a negative territory. The price is decreasing.

    Trading recommendations

    The potential decrease targets are two levels of support: 1.0800 and 1.0680.

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