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Technical Analysis
Daily Market Analysis by CapitalStreetFX
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[QUOTE="CapitalStreetFX, post: 99713, member: 35035"] [B]Dollar Strengthened Although Rate Hike Outlook Faded [/B] Last Friday, the US non-farm payrolls reported that the created jobs in March was at 215,000, a little higher than expectation. However, the unemployment rate rose slightly to 5.0 percent from an eight-year low of 4.9 percent. The buck is still on way down as the Fed President Yellen noticed that the central bank may pay cautious attention on the rate hike road. This morning, the US dollar performed the deeper losses against the yen and the euro. The University of Michigan last week announced that the US’s consumer sentiment index for March eased to 91 from 91.7 in the previous month due to the weak data from the economic growth. The market is expected a level 2.7% of this country’s inflation rate this year, up from 2.5% in the two previous months. The dollar index, which tumbled to the five-month bottom of 94.32 on last Thursday, has just inched up slightly to 94.69 on this session. Investors are thinking that the European Central Bank’s economic tonic is starting to work, and coming to efficiency. Today, the EU’s sentix investor confidence is released, showing an increase marginally to 5.7, from the reading 5.0 in February. The Eurozone sees bright signals for strengthening. [IMG]http://capitalstreetfx.com/wp-content/uploads/2016/04/eurusd1.png[/IMG] Fig. EURUSD H4 Technical Chart After heading up to the resistance of 1.14384 on last Friday, the six-month highest since October 2015, the pair is inching down, under the downward pressure from the dots band above. RSI has just escaped the overbought territory and now is standing at 63.0579, indicating that the bull is still dominant. EURUSD is anticipated to move sideways in short-term and then reverse to downtrend. Trade suggestion Sell at 1.13530, Stop loss at 1.13946, Take profit at 1.13258. [/QUOTE]
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