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    Technical analysis and trading recommendation of Euro against USD, JPY &CAD for April 02, 2015


    The euro started the first day of a new month and in a new financial year on a positive basis. Italy and Spain printed marginal positive data. The eurozone PMI was printed on an optimistic view.

    Spanish Manufacturing PMI- the largest rise in employment since June 2007

    The Spanish manufacturing sector maintained growth momentum at the end of the first quarter of the year as business conditions improved solidly during March. Further marked rises in output and new orders encouraged firms to take on extra staff at the fastest pace since June 2007. The seasonally adjusted Markit Spain Purchasing Managers' Index ticked up fractionally from 54.2 in the previous month to 54.3 in March, thereby signaling a further solid improvement in operating conditions.

    Italy Manufacturing PMI- hits an 11-month high in March

    Business conditions in Italy's manufacturing sector showed further signs of improvement in March with latest survey data indicating solid and accelerated increases in factory output and employment. The headline Markit/ADACI Italy Manufacturing Purchasing Managers' Index reads 53.3 in March up from 51.9 in February. This latest reading was the highest since April 2014.

    Eurozone PMI- printed at ten-month high

    The growth of the eurozone manufacturing production accelerated to a ten-month high in March

    underpinned by the fastest expansion of incoming new business since last year April. The final seasonally adjusted Eurozone Manufacturing PMI was above its earlier flash estimate of 51.9 at 52.2 in March up from 51.0 in February.

    Upcoming event:

    Traders eye on today's ECB monetary policy meeting minutes.

    Technical view:

    The euro traded higher 0.5% against USD at yesterday's session. The pair touched 1.0800, breached 20Dsma at the intraday session but it was unable to close above that. Intraday support was found at 1.0750, 1.0720, and 1.0710. We recommend fresh safe selling only below 1.0700. The prices are facing strong resistance at 1.0800 previous swing low. On a weekly basis, the pair still favors to bears. Until the price closes below 1.0855, use every rise to sell. The trading pattern is framed between 1.0855 and 1.0700. A close will give 100 pips. We have been advising to cap at 1.1050 in the near term.

    Trade: Intraday selling below 1.0750 with targets at 1.0725 and 1.0715.

    We recommend aggressive selling below 1.0700 wit targets at 1.0670 and 1.0620.

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    The cross capped at 131.67, has been struggling at 20Dsma in the daily chart. We have been recommending 124.40, 122.50, 118.10, and 117.10 on the lower side. Until the price closes below 100Ema, traders can forget about buying and look for every rise to sell. This view is for short and medium terms. Monthly resistance is seen at 130.60 and support is found at 126.90. Intraday and weekly trends favor to bears. Intraday resistance is seen at 129.00 and support is found at 128.60. We recommend selling below 128.60 with targets at 128.50, 128.25, 128.10, and 127.85. We recommend buying above 129.00 with targets at 129.30, 129.40, and 129.70.Trade: Buying above 129.00Safe selling below 128.30

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    The pair gave another hourly upside breakout made a high at 1.4209 during the Asian session. Just released Australia trade gap was expanded in February as well. We have been recommending buying with sl 1.3820 with target at 1.4000. The pair made a high at 1.4185, re-rated for 1.4250 and 1.4280. Weekly support is found at 1.4040. In the H4 chart, the price has been developing higher highs and higher lows. Strong resistance is seen at 1.4250 200WEMA and 1.4280 50Dsma. In yesterday's article, we advised fresh buying emerging above 1.4190 with targets at 1.4220,1.4250, and 1.4280. Initial buying is advised for 1.3900. Now, the pair made a high at 1.4209. A big head and shoulders formation is taking place in the weekly chart.Monthly support- 1.3650Intraday support- 1.4040Weekly strong resistance- 1.4250 and 1.4280.We advised cautious at the given resistance levels.

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    Uitgevoerd door, Analytische expert
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