FxGrow Fundamental Analysis – 20th March, 2017
By FxGrow Investment Research Desk
EUR/USD Prolongs Further Gains Ahead of Weidmann Speech
EUR/USD extended the bullish momentum for the fourth consecutive session and clocks 1.0765 on Monday’s trading session. Overall, the pair added +162-pips since last Wednesday as U.S Dollar dips furthermore and today U.S Index dipped to 99.81 Feb-8-fresh-lows.
Elections in Holland with PM Rutte declared winner over anti-Islam and anti-EU Wilders, boosted the EURO and kept hopes for the EU, and Netherlands is still in the EU frame. On the other hand, according to the Odoxa poll, Macron keeps the upper edge to win the French presidential election race ahead a first televised debate. (Reuters).
Macron, a former economy minister running as an independent centrist, would lead first-round voting with 26.5 percent, just ahead of far-right leader Marine Le Pen (Anti-EU) on 26 percent, before beating her 64-36 in the run-off
Overall, optimism over the EU has flourished after the Brexit harsh experience. Taking the current situation for pale greenback and political overviews in Europe, EUR/USD is heading for additional gains.
1- EUR- German Buba President Weidmann Speech today at 5:45 PM GMT.
2- USD - FOMC member Evans speech today at 5:10 PM GMT.
3- USD – President Trump speech today at 11:30 PM GMT.
Trend: Bullish sideways
Resistance levels: R1 1.0774, R2 1.0809, R3 1.0841.
Support levels: S1 1.0740, S2 1.0705, S3 1.0637.
Remark: The market posture is bullish and signals for larger emerging upswing to reach R2. U.S Index is currently weak which gives the advantage for EUR/USD to reach for higher levels. A penetration for R1 level signals additional bullish waves towards R2&R3 levels. Stalling below S1 level holds the bullish trend temporarily. Closing below S3 level is needed for market trend reversal.
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