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Technical analysis and trading recommendation for EUR/USD for Mary 08, 2015

Germany factory orders: Based on provisional data, the Federal Statistical Office (Destatis) reported that price-adjusted new orders in manufacturing in March 2015 increased seasonally and working-day adjusted 0.9% on February 2015. In February 2015, they decreased by 0.9% on January 2015, as had been already reported in the previous month.

Given the lack of Euro macroeconomic data it is understandably a quiet day in the markets. Today, the trend will be driven by data on the US unemployment rate and non-farm employment changes.

Technical view: The pair rejected at weekly parallel resistance at 1.3997, made high t 1.3992. The pair fell and closed below 100Dema, but managed to close above 100dsma. Today at the Asian session, the pair was unable to breach the 100dema acting as resistance at 1.1300. Intraday resistance is seen at 1.1300 and on closing basis at 1.1350. Strong support is found at 1.1200 20Wsma. In case of today's closure below 1.1200, this indicated bulls losing grip in the coming days. At yesterday's session Greece Finance Minister Yanis Varoufakis says deal can come in the next few days or weeks". Today, we expect wild moves on the euro and pound. As we knew, UK election counting is going on. Exit poll indicated Conservatives set for victory. At the Asian session, labor party was enjoying majority of 13 seats and conservatives of 4. In case the deal is not reached, the probability of Grexit remains very high. The euro is likely to be devalued, which is one of the bearish factors. The divergence in the ECB and FED is another major bearish factor influenced the euro. Finally, the euro is fundamentally weak. Further spikes invite to enter short. The strong support base is found at 1.1050. In case the price below this level, traders can forget about buying of this pair. At yesterday's session, we recommend buying with targets at 1.1390, made high at 1.1392. Intraday strong support is found at 1.1225 and 1.1200. We recommend selling below 1.1200 with 1.1180, 1.1120, and 1.1070. Bulls are recommended to buy above 1.1300 with targets at 1.1320, 1.1350, and 1.1390.

Trade: Buying above 1.1300 selling below 1.1200.

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Uitgevoerd door, Analytische expert
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