EUR Trading Outlook
AUD/USD: Daily and weekly RSI continues its biased down trend. A close below 0.8910 would confirm a stronger downtrend on it. Pivot now at 0.8955, support at 0.8920-25.
EUR/USD: Daily Doji formed which showed uncertainties in EUR/USD, supported by the daily RSI. A break of 1.3674 would suggest longs starting to exit and would start targeting daily cloud base of 1.3585-95.
GBP/USD: Cable continued to tumble, hitting a low of 1.6625 close to the 200-HMA support before pushing back to 1.6655. Pivot at 1.6680 and support at 1.6540.
AUD/USD: The pair broke the 10DMA and the daily cloud base of 0.8981 was challenged. The doji on 18th of Feb showed a downside move and was followed through out the next day, keeping the bulls worried. A break of 0.8970 would help bears gain more confidence and more likely 0.8905 (key support) be tested.
EUR/USD: The daily chart showed a doji forming near the Jan high, RSI diverging and spread narrowing will make bulls panic. Short term resistance at 1.3775 and support near 1.3675 (cloud top, 10DMA, 2/14 low). A break through it would lead to correction from recent rally.
GBP/USD: Cable remain weak as UK jobs data showed an increase to 7.2% (previous 7.1%). Initial support at 1.6670 & 1.6630. Pivot at 1.6735.
AUD/USD: Resistance at 0.9085 and 0.9100. Pivot at 0.8995. Bulls need to push above 0.9085 for a second round of rally.
EUR/USD: Resistance at 1.3770 and 1.3800. Pivot at 1.3690. The pair closed above the 61.8 fib, RSI showing positive momentum and narrowing yield spreads support the rise.
GBP:USD: Resistance 1.6760 & 1.6825. Pivot at 1.6660. Support comes in at 1.6605 if 1.6660 breaks.
USD/JPY: USD/JPY managed to close above the cloud base at 101.53, however, a break of 102.85 (kijun) is needed for further rally.
Dollar continues to weaken due to poor data and weather condition. Generally, a weaker USD will lead to higher emerging currencies and AUD/USD.
A break of 0.9075/85 is needed for another rally.
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