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Main » 2016 » March » 23 » Forex forecast for 23/03/2016: Euro remains under pressure
Forex forecast for 23/03/2016: Euro remains under pressure

Results of the last trading day:

On Tuesday, the major financial center of Europe, the IG group held two terrorist attacks. The euro has suffered less from a series of explosions, than the British pound. The euro / dollar fell by 50 points to 1.1188, GBP / USD - 200 pips, to 1.4190. The Briton was under pressure due to concerns that after the attacks of the UK release of adherents from the EU will be more.



At the auction in the United States have tried to develop the nascent evrobyki impulse from 1.1188 after the release of the preliminary index of business activity in the industrial sector of the US. The attempt failed. The euro exchange rate has stabilized at 1.1216. The index was 51.4, being lower than the forecast of 51.8, but higher than the previous value of 51.3.


Market expectations for today:

I do not expect a prolonged effect on the currency market of yesterday's events, unless something else does not blow up. Trading in Asia are quietly. Protective assets do not buy (the yen and franc).

It can be assumed that the inertia trading in Europe to open lower on euro. After updating the minimum forward its strengthening to 1.1230. Cross the euro / pound is at the upper border of the channel MA. So it is today, most likely, will create a major inhibitory effect on a couple of euro / dollar of its correction.

News of the day:

  • At 15:40 MSK planned address by the President of the Bundesbank Weidmann.
  • At 17:00 MSK in the US, there are data on sales of new buildings in February.
  • At 17:30 MSK US Department of Energy will publish data on crude oil stockpiles.


Technical analysis:

Intraday goal: maximum - 1.1230 minimum - 1.1172, closing - 1.1215. 
Intraday volatility over the past 10 weeks: 103 item (4 digits).

From a minimum of 1.1188 formed a symmetrical triangle. As it is expected to yield down to 1.1172 or 112 degrees. Keep an eye on the dynamics of EUR / GBP cross rate. It is located at the upper border of the channel MA and can fall in the correction of 35 pips to 0.7855. A cross-country race at the falling against the dollar strengthening, it is the height of the euro / dollar. So in case of a fall of the euro is required to wait for a buy signal. 


Analytics ALPARI

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