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The pair paused a 2-day losing streak, managed to close with 1.75% gains at yesterday's session. Germany data partially supported the euro. Industrial production output was up by 0.9% in April 2015 compared with the previous month according to the report from the Federal Statistical Office (Destatis).
Today's trade depends on the US jobs data.
The pair managed to hold the support at 100Sema twice, giving a strong close above 100Dema. The weekly support is found at 1.1050 20Wsma. The parallel resistance is seen at 1.1380 and 1.1410. In the four-hour chart, the pair has been making higher lows and higher highs formation. The nearest swing high is seen at 1.1467. Intraday support is found at 1.1240 and 1.1200. Until the pair extends the higher lows formation at 1.1050, use a dip to buy favoring the trend. On a positional view, until the pairs hold at 1.1050, bulls are likely to aim at 1.1540 and 1.1700 in the near term. To confirm this view, the pair must close above 1.1470. In the daily chart, higher highs are not reached yet. We expect the pair to hit 1.1350. At today's Asian session, the pair is trading at 1.1280 compared to Monday's closing price 1.1291. Intraday fresh buying is advised above 1.1310 aiming at 1.1350, 1.1380, and 1.1400. At yesterday's session, our selling forecast was not triggered.
To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com
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