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4 Mar 2015
EUR/USD: To retest trend low at 1.1097 - FXCharts
FXStreet (Bali) - According to Jim Langlands, Founder at FXCharts, the EUR/USD looks poised to trade range-bound today, ahead of Thursday's ECB and Friday's NFP, with the Analyst expecting the pair to eventually head lower towards the trend low at 1.1097.
Key Quotes
"There is a mix of secondary data today, but overall I suspect that it could be similar sort of session as traders prefer to largely stand aside ahead of tomorrow’s ECB meeting and then Friday’s US jobs data."
"Eventually I think we are going to head lower, at which point the Euro is likely to revisit the trend low, seen on Jan 26, at 1.1097. Below this there is little support to be seen until the Sept 2003 low at 1.0759 and while I think that this lies ahead, I would imagine that a fair bit of work needs doing before then."
"The short term momentum indicators do point to the chance of a topside squeeze, but I doubt that it will prove significant today, and would look for 1.1150/1.1250 to largely cover the session."
Key Quotes
"There is a mix of secondary data today, but overall I suspect that it could be similar sort of session as traders prefer to largely stand aside ahead of tomorrow’s ECB meeting and then Friday’s US jobs data."
"Eventually I think we are going to head lower, at which point the Euro is likely to revisit the trend low, seen on Jan 26, at 1.1097. Below this there is little support to be seen until the Sept 2003 low at 1.0759 and while I think that this lies ahead, I would imagine that a fair bit of work needs doing before then."
"The short term momentum indicators do point to the chance of a topside squeeze, but I doubt that it will prove significant today, and would look for 1.1150/1.1250 to largely cover the session."