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Technical analysis and trading recommendations on EUR against USD,YEN &GBP for March 10, 2015

Analysis of the euro against USD & YEN & GBP

EUR/USD

Negotiation between Greece international creditors and Greece's government started yesterday. Greece's government received a warning from Eurogroup President Jeroen Dijsselbloem, he announced that work begins in Brussels on Wednesday. "We agreed today that there is no further time to loose," Jeroen Dijsselbloem said at the press conference. The discussion between the Greek authorities and the lending institutions will start on Wednesday (11/03/2015) with a view to reach a conclusion of the current review. From Monday, the ECB and national central banks started buying sovereign debts. It's a 19-month plan worth of 1.1trillion euros. Central banks purchased the Belgian, German, Italian, French, and Spanish treasury bills.

Upcoming events:

Today, traders eye the French and Italian industrial production data. The French industrial production enjoyed an uptick at 1.5% in December. We expect an uptick in January as well.

Technical view:

The euro extends falling against the USD for 9 consecutive months. At yesterday's session, the pair made a fresh low at 1.0823, but managed to close with marginal gains. The pair has the nearest support at 1.0760, which is a low of September 2013. Eventually, it can go below 1.0000. The prices are closed and trading far below hourly moving averages. Until prices close below 1.1100, use every rise to sell this week. The weekly resistance is found between 1.1100 and 1.1260. Forget buying, until the price closes below 1.1260 on a positional basis. The near-term target seems at 1.0760. The longer-term target seems at 0.9000 in case prices close below 1.0760 on a monthly basis. The downtrend remains strong. We are recommending lower targets initially at sub 1.1000 and later 0.9000.

Resistance: 1.00870, 1.0910, 1.1040.

Support: 1.0850, 1.0820, 1.0760.

Trade: use a rise to sell.

We recommend fresh intraday selling below 1.0820 with targets at 1.0800 and 1.0750.

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EUR/GBP

The parallel support is seen between 0.7110 and 0.7088. At the Asian session, the pair hit a low at 0.7170. Until the price trades and closes below 0.7240, use every rise to sell with the nearest targets at 0.7110 and 0.7090. The weekly resistance is seen at 0.7300. Monthly support is seen at 0.7088. We recommend fresh selling below 0.7170 with targets at 0.7110, 0.7100, and 0.7088. Panic will be triggered below 0.7088. Intraday buying looks favorable only above 0.7200

Trade: the pair should touch between 0.7100 and 0.7088 before moving up further.

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EUR/JPY

The cross is moving higher in the background of data on Japan's GDP. Today, the cross is facing parallel resistance at 131.80 at the Asian session. In case the price breaches above 131.85, it can edge up to 132.10, 132.30, and 132.60. We can expect an upswing only above the level of 132.60. We recommend selling below 131.20. Besides, you are recommended to buy above 131.85.

Buying above 131.85.

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Uitgevoerd door, Analytische expert
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