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Technical Analysis
Daily Market Analysis by CapitalStreetFX
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[QUOTE="Option_Banque, post: 99001, member: 35354"] [SIZE=6][B]EURUSD Ticked Down on Downbeat Data: 22 Mar 2016[/B][/SIZE] Today, according to the European Central Bank, the current account of the euro area recorded €25.4 billion surplus in March 2016, which is less than forecast of €26.3 billion. The current account refers to the difference in value between imported and exported goods, services, income flows, and unilateral transfers during the previous month. Last week, the German Producer Price Index, which measured the change in the price of goods sold by manufacturers, was released at -0.5% while the forecast number is -0.2%. This is a leading indicator of consumer inflation – when manufacturers charge more for goods the higher costs are usually passed on to the consumer. U.S Existing Home Sales Report published by the National Association of Realtors showed that there were only 5.08 million of homes sold in February, slightly lower than the expectation of 5.32 million. Meanwhile, Eurostat said that the Consumer Confidence Index for March deepened further in negative to minus 10, weaker than the forecast of -8 by economists, extending the below 0 period from Jan 2007. [IMG]http://capitalstreetfx.com/wp-content/uploads/2016/03/eurusd1.png[/IMG] Fig: EURUSD H4 Technical Chart Euro has inched up a little against its American counterpart since it hit the one-and-a-half-month high at $1.13381 last Thursday. The pair hit the Parabolic SAR last candle and is likely to extend the retreat as the dot has moved above the price. The RSI (14), which has not confirmed the downtrend, edged down to 54.53 from the high of 76.14, showing that the pair may fall further to test the low of 1.12180. [B]Trade suggestion[/B] Sell at 1.12445, Stoploss at 1.12620, Take profit at 1.12180. [/QUOTE]
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