The Conference Board Consumer Confidence Index, which decreased in February, improved in March. Now, the Index stands at 101.3 up from 98.8 in February. The Expectations Index increased to 96.0 in March compared to 90.0 last month. However, the Present Situation Index decreased to 109.1 from 112.1 in February.
Upcoming data: today and tomorrow's sessions are packed with events. USD is trading lower against the majors ahead of the ADP data release.
Higher levels attract buyers for profit booking. The pair moved from 1.2410 to 1.2784 in 4 sessions. Today, the pair holds a low of 1.2653 and 1.2630 20Dsma is likely to act as a short week support level. We recommended buying in case the price corrected towards 1.2400 or 1.2370. The pair hit a low of 1.2410 and changed its direction towards 1.2784. We request traders to move their stop loss to 1.2650. Until the price closes above 1.2570, bulls remain in play. The pair prepared a strong support base between 1.2350 and 1.2300 at 200MSMA. Until prices close above 1.2300, buying on dips remains in play.
At yesterday's session, the pair rejected 20Dsma and closed with marginal gains. Today, the pair fell 0.6%, holding the 50Dsma 119.50 at the Asian session. We recommend positional buyers to move trailing stop loss to 119.40. We recommend buying with sl 117.50. The price trading pattern is shifted between 120.40 and 119.40. We expect strong upward movement above 120.40 with targets at 120.60, 121.00, and 121.20. A daily close below 117.50 leads to another leg down towards 116.00 and 115.00. Bulls are safe until the price closes above 117.50 100Dema. Intraday resistance is seen at 120.00 and 119.50.
Trade: Positional buyers, move your trailing stop loss to 119.40.
Uitgevoerd door, Analytische expert
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