EURUSD Rises to Highest In 11 Days
- EURUSD continues to lift higher on Tuesday as German investor morale improved in March.
- German ZEW economic sentiment came in at -3.6 from a prior read of -13.4 and a huge beat against forecasts of -11.0.
- Brexit delay also providing fuel for the recent EUR rally.
- After falling to as low as 1.1176 on a dovish ECB, EURUSD has made an impressive rally to trade back to as high as 1.1361. However, despite the recent strengthening in the common currency, the long-term theme remains bearish.
- The pair is trading at a key level, where a break above may unmask further upside potential.
- Trending setups reinforce the bearish stance. The long-term 200/100 EMA combination continue trending south. The 200/100 EMA’s reside at 1.1489 and 1.1391 respectively.
- Alongside the downtrend line, the 50% fibo of the 1.1569-1.1176 fall lies nearby, at 1.1372.
- Daily momentum are turning increasingly positive. The 14-period RSI is positively biased, rising through 50. The MACD has positively crossed though remains in negative territory.
- Weekly standpoint continues negative theme.
- Futures market show a net long USD position of c.$29billion, the highest since week ending Jan 1st.
© Akif SH. Din MSTA, CFTe, AGORA-direct Limited, 19/03/2019.
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