Forex Chart Analysis - Daily Forex Analysis Eur vs USD
Forex Technical Analysis
Friday’s candle ended the week for the euro vs dollar in a delicate position, having broken above the deep resistance of the last few months, and closing the forex session marginally below the high of the last attempted breakout from this price region. With the open of the day having found support from the 14 day moving average, and with all three moving averages now sitting below the current price, the short term forex analysis for the pair would suggest a move higher in Monday’s forex trading session, with the recent consolidation now acting as the springboard. The key to any sustained move higher will be whether the previous top at 1.44 is breached in this move – if so then we could see the start of a sustained move higher, particularly as the US dollar is looking extremely fragile once again on the USD index chart. My only slight concern with Friday’s candle is the upper wick which would suggest an element of bearish sentiment in the market, but this may could have been traders squaring positions ahead of the weekend and taking profits off the table. My trading suggestion for Monday is therefore to look for small long positions but with an eye on the 1.44 price handle which may prove to be a barrier to any move higher.
Fundamental Forex Analysis
As with many other currency pairs, there is little fundamental news on the economic calendar with only one item in Europe and none in the US. The European focus will be on Industrial New Orders which are forecast to show an improvement over last months figures at 1.7%, against a previous of -0.2% which will be good news for Europe should this forecast be correct.
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