OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/USD falls to 1.2780, new session low

FXstreet.com (Barcelona) - The EUR/USD is sliding in the Asian session, down over 30 pips from an open at 1.2810 to currently stall the fall around 1.2780. On the downside, no clear area of demand is seen until 1.2770, as per rise from March 28 mid European session - although not fresh -, while on the upside, 1.28/2810 sees new fresh supply area created on recent dip.

As for the short term technical point of view, Valeria Bednarik, chief analyst at FXstreet.com, notes: "The downside remains favored, with 1.2720/30 area at sight, as per being a strong static support level. Once below this last, there’s little in the middle for a ride towards 1.2660 November low. Recoveries up to 1.2880 will provide selling opportunities."

A second opinion is shared by Fan Yang, CMT, chief analyst at FXTimes: "At this point, a return above 1.29 might neutralize the bearish outlook in the near-term. However, the downside risk has room toward the next key support in the 1.2660-1.2680 area, which includes support factors: 1) 61.8% retracement and 2) Nov. support pivot."

China PMI comes below expectations

China’s manufacturing PMI rose from 50.1 in February to 50.9 in March, however, the reading was below expectations of 52.00 according to a Reuters poll, and more moderate 51.2 expectations from other industry site. The data, released by the China Federation of Logistics and Purchasing, which issues the data with the National Bureau of Statistics, , indicates that growth momentum of the manufacturing sector in China continues to show only mild progress.
Read more Previous

Forex: USD/JPY dips further, 94.00 holds

Following soft Tankan survey in Japan and disappointing China PMI manufacturing below expectations although still above previous one, and few minutes away from China HSBC final PMI Manufacturing, Nikkei index is down -1% and USD/JPY at 94.17, about flat for the session.
Read more Next
Start livechat