Applying Fundamental & Technical Analysis To Daily News Of A Currency Pair - Eur/usd
Rohit here . One of the basic trading strategy is daily news analysis of a country and its currency and thereby coming up with solid results by applying various fundamental and technical analysis to it.
Now we begin with EUR/USD news analysis, as this pair is considered to be the most basic, liquid, volatile and traded pair among all currency pairs.
The Euro lacks direction and continues to consolidate below the 1.36 mark after another failed attempt to stabilize higher on yesterday.
First intra-day support is seen at 1.3500/05 - 61.8% retracement of Wednesday's trading range - confirmed on yesterday's pullback from 1.3640 topside. Below 1.3500/05, other barriers are noticed at 1.3415/30 and 1.3330. On the upside, intra-day resistance is clustered into the 1.3640-1.3740 zone - formed by previous days highs.
A potential break out of the range, above 1.3740, will confirm the uptrend resumption, aiming towards notable mid-term barrier at 1.3855. Upside remains slightly favored for now, despite the choppy price action. Current quote is 1.3579 @07:00 GMT
Support levels: 1.3500/05, 1.3415/30, 1.3330, 1.3240 and 1.3095/00.Resistance levels: 1.3640/50, 1.3680, 1.3740/50, 1.3800 and 1.3855.Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : bullish
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