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    MARKET ANALYSIS AND NEWS EURUSD attractive near the channel low Market News

    EURUSD, Daily

    Earlier today Eurozone M3 money supply came in unchanged at 5.0%, as expected in February data. Amid the components, private sector credit showed a 3.2% y/y increase, up from 2.6% y/y growth in the previous month. This moving in the right direction, though below where ECB policymakers would like. Money supply has long since been demoted in the metrics the ECB uses in formulating policy decisions.

    Over the last week EURUSD traded lower from the weekly Bollinger Bands after it had rallied for three weeks in a row. Stochastics oscillator is near overbought levels in the weekly picture. The EURUSD pair has created higher lows and higher highs in the daily timeframe and looked like it was building upside momentum. However, the latest high is lower than February 2nd high and suggests the pair could correct lower towards the weekly 30 and 50 period SMAs. This would bring the pair near a rising channel low and the lower daily Bollinger Bands.

    I am therefore looking for buy signals between 1.0915 and 1.0990 with Target 1 at 1.1134 – 1.1220 area and Target 2 1.1288 – 1.1360. Please, remember to apply the entry and risk management principles I’m teaching in the webinars. Join me to free webinars if you want to learn more.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in

    Janne Muta

    Chief Market Analyst

    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.


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