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EUR/USD
The Eurozone manufacturing PMI data is set for release early morning today, with QE potentially looming, a miss could put considerable pressure on the euro. Traders can gain insight into the conditions of the European manufacturing industry early Wednesday morning, as the latest manufacturing PMI releases come out of France, Germany, and the overarching Eurozone. Given the importance of the flash CPI reading at the next week ECB meeting, we suspect that some of the late euro longs will look to square up, especially given the lack of upside momentum.
Technical view-
EUR/USD has been taking support at 50SMA on daily chart. As of now, in Asia's trading session the pair is trading at 1.3802 levels. It is facing resistance at 1.3831 levels. Currently, the trend is fixed between the levels of 1.3780-1.3831. Either side breakout will give enough room for new trading strategies. The RSI is not favoring longs. If any news favors the euro, it will fly up to 1.3906 with intermediate resistance levels. As we recommended earlier, sell on rallies or don't go long until it trades above 1.40 levels in the long term, or until trades below 1.3906, don't go long in the short term. We are still recommending the same strategy. For the week of April 23-25, risky traders can go long with sl 1.3780 on cb, safe traders can enter longs only above 1.3831 for 1.3864 and 1.3906 as immediate targets. We expect a huge selling once the pair breaks the 1.3780 for 1.3737, 1.3696 and 1.3673 as targets. Until the pair trades below the 1.3906, the lower level targets will open 1.3643 and 1.3580 levels.
Intraday-
The pair is trading between 1.3831 50SMA-1.3785 200EMA levels. If the pair gives an upside break out, it will offer 1.3850 and 1.3865 as immediate targets. If the pair breaks the support at 1.3780, it will go up to 1.3762 and 1.3737 as an immediate target. The pair will gain some strength above 1.3825, a complete turn will take place only above 1.3864 levels.
Recommendations- cmp 1.3804
Safe traders, buy above 1.3825, targets are 1.3831, 1.3850, and 1.3861. Add more above 1.3861 for 1.3906.
Risky traders can buy with sl 1.3780 for 1.3831, 1.3861, and 1.3906.
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