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EURUSD Struggles to Push Higher; Price and Pivot Point Analysis

EURUSD Struggles to Push Higher; Price and Pivot Point Analysis

2019-03-01 09:00:00
Nick Cawley, Strategist
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EURUSD Price, Chart and Pivot Points:

  • Euro struggles with the greenback.
  • Important US data on today’s calendar.

Q1 2019 EUR Forecast and USD Top Trading Opportunities

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 Struggles to Push Higher; Price and Pivot Point Analysis

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.

You can access live pivot points for a wide range of currencies and assets HERE. If you then click on your chosen asset you will be taken to a more in-depth landing page.

EURUSD Short-Term Chart Wedging Towards a Resolution.

EURUSD One Hour Price Chart (February 13 – March 1, 2019)

EURUSD Struggles to Push Higher; Price and Pivot Point Analysis

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.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on EURUSD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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