EURUSD Struggles to Push Higher; Price and Pivot Point Analysis
EURUSD Price, Chart and Pivot Points:
- Euro struggles with the greenback.
- Important US data on today’s calendar.
The Euro continues to struggle against a strong US dollar and may be boosted further by data set to be released later in the session. Thursday’s better-than-expected Q4 GDP print caught the market off-guard, allowing the greenback to move higher without too much resistance. Ahead, the Fed’s preferred measure of inflation, PCE Core at 13:30 GMT before the closely-watched US ISM manufacturing and employment releases at 15:00 GMT.
EURUSD is currently stuck between the daily Pivot at 1.13842 and S1 at 1.13486 with the lower bound currently under pressure. Below here, S2 at 1.1324 - a weekly low - should provide stronger support in the short-term. The RSI indicator suggests that the pair are nearing oversold territory which may provide some supportive sentiment.
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EURUSD One Hour Price Chart (February 13 – March 1, 2019)
Retail traders are 55.0% net-long EURUSD according to the latest IC Client Sentiment Data, a bearish contrarian indicator. Recent changes in daily and weekly sentiment - net-longs are 19.8% lower from last week - however suggest that EURUSD may soon reverse higher.
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