The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
Most Recent
The daily chart of the EUR/USD is on a down swing of a range bound past few weeks.
With no heavy news releases for the EUR/USD pair today we are turning to the Bollinger Bands, Full Stochastics, StochRSI and RSI that are there every day for us.
The unemployment rate in the U.S held at 9.7% and payrolls fell less than forecasted in February, indicating that the U.S labor market is stabilizing. Payrolls were expected to drop by 68,000 and the jobless rate was projected to increase to 9.8% according to Bloomberg estimates.
Top Forex Brokers
The daily chart for the EUR/USD has seen it climb enough in the past week, to bring each of the four technical indicators this chart enjoys to or beyond their centerlines.
At the conclusion of its March 2nd meeting, Bank of Canada’s policy makers left its key interest rate unchanged at 0.25 percent and pledged to hold its current policy rate constant until the end of the second quarter.
No clear technical direction is on the table. Fortunately both of the heaviest news items for this pair are not favoring the Dollar and except for the StochRSI all of the indicators are at or below their centerlines. This combined with yesterday's sharp decline in this pair, will allow for a easy rise today.
Resistance in the EUR/USD at 1.3673 was broken and a rally up to 1.3735 followed.
Breakout at resistance level of 1.3646 occurred. While candles remain above resistance, possible bulls recovery can be initiated.
If the Euro's Minimum Bid Rate stay's the same, the other two powerful news items should bring the EUR/USD easily down
Bonuses & Promotions
Range bound in recent weeks, the EUR/USD's daily chart will stay that way with the two heavy news items released today. These items will weight the USD side of the pair and bring it closer to 1.3500 once again. The StochRSI has been flying high and is ready to put the RSI it foretells the direction of, down. The Bollinger Bands have the price above their centerline and the Full Stochastics are at their centerline. The technicals are comfortable with today's news releases taking this pair down.
Bollinger Bands, Full Stochastics and RSI band together to outvote the StochRSI window on the EUR/USD daily chart. This should mean this pair will have a up day. Keep your stop-losses tight because the trend does not favor the technicals. I am only looking at one day though.
EUR/USD dropped sharply yesterday, confirming the end of the ST up-cycle (light blue) and creating a ST down-cycle (orange), that may already be complete with three channels.
The technicals have triumphed and with the help of today's bad news for the USD side of the EUR/USD, this pair will rise further. Each indicator is at or below it's centerline, except for the more volatile StochRSI, which means traders might be growing tired of this very long downtrend, so you might be able to isolate, down, out of today's direction for the EUR/USD.
As widely expected the FOMC maintained overnight lending rates at 0.25%. For first timers, the FOMC or Federal Open Market Committee is an entity of the US central bank or Federal Reserve. This body is responsible for the management of monetary policy and Interest rates and is closely observed by players in the financial world.
With both of the heaviest news items for the EUR/USD canceling each other out, with good and bad news for the Dollar, let's turn to the technicals for some insight into how the market movers might justify their trades today. Only the StochRSI is high, each of the other indicators is asking yesterday's rise to continue, the trend will likely override that request.