Wednesday 15 March EURUSD Day Close Analysis, with the Dutch PM Rutte on the way to a big win as the Guert Wilders falters. The EUR rose to its highest level against the greenback. The EUR bears have turned bullish?
AtoZForex – We can expect further downside for the USD this week, with the positive Dutch election results for the current Dutch PM. On Thursday we have the BoJ, BoE and SNP meetings. EUR bullish?
Wednesday 15 March EURUSD Day Close Analysis
Majority of the Dutch people have voted and rejected the anti-immigrant sentiment of the far-right. There was relief among the European Commission leaders, however, this does not mean that anti-immigrant sentiment has disappeared. Focus turns towards the French and German elections in the near future. There is much work to re-unite Europe.
15 MARCH EURUSD Day Close Analysis
At the end of the day, EUR closed strongly for the above last weeks close. We cannot rule out further possible upwards move. On the Daily chart the daily 20sma is sloping upwards and 100sma is being to go flat, with the 20sma below the 100sma. Price is above the two moving averages and bias has shifted to neutral.
Moving Averages – Both hourly 20sma and 100sma are sloping up, with price above the 20sma and 100sma.
MACD –MACD histogram and signal line are well above the neutral line
RSI – RSI is above the 50 level.
Key levels – Price pulled back towards the 1.0639 level before falling towards the 1.0607 level and then reversing on the upside and catapulted after the Dutch election news. Intraday bias has shifted on the bullish side. We can expect some profit taking and a correction towards the 1.0710-00 and then a resumption of the upside move. We cannot rule out a move to test the 1.0685-80 level and then reversing its direction.
Yesterday’s Fx Pending order triggered and position closed with small profit of 10pips. The reason was primarily due to the hourly 100sma sloping upwards indicating an upward trend.
Fx Pending order: BUY LIMIT @ 1.0693 SL@ 1.0653; TP@ 1.0753
Fx Pending order: BUY LIMIT @ 1.0682 SL@ 1.0642; TP@ 1.0742
Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence.
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