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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 79430, member: 33464"] [b]US Dollar Spikes Post Chinese CPI[/b] [B]Key Highlights[/B] • US dollar continued to gain strength and even stronger than expected Chinese consumer price index failed to lift the risk sentiment. • Chinese Consumer Price Index was released by the National Bureau of Statistics of China, which posted an increase of 1.2% in February 2015, compared to the preceding month. • In terms of the annual change the Chinese CPI climbed by 1.4% in February 2015. • Pairs like AUDUSD and NZDUSD took a hit and traded lower during Asia. • EURUSD created a new low and fell below the 1.0800 support area. [B]Chinese CPI[/B] Earlier during the Asian session, there was an important release lined up in China. The Consumer Price Index was released by the National Bureau of Statistics of China. The forecast was lined up for an increase of 0.8% in February 2015, compared to the preceding month. However, the outcome was above the forecast, as Chinese rose by 1.2%. [B]Technical Analysis[/B] There were a couple of important support levels formed around the 1.0840-20 area in the EURUSD pair, which were cleared recently. There was a bullish trend line formed on the hourly chart as well, which was broken by the Euro sellers. Currently, the pair is attempting a recovery from the 1.0780 support area. However, it might find resistance around the broken trend line, which is now coinciding with the 50% fib retracement level of the last drop from the 1.0904 high. [IMG]http://s3.postimg.org/i91151z9v/EURUSD_03_10_2015.png[/IMG] ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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