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EURUSD: short-term "bullish" trend formed on euro

On Wednesday, March 25, the euro was up at the close of trading. The increase in stock indices and the general weakening of the US dollar pushed the EURUSD price to 1.0894.

Today’s news (GMT+3): 

  • 10:00 Germany: Gfk Consumer Confidence Survey (Apr).
  • 12:00 Eurozone: Economic Bulletin, M3 Money Supply (YoY) (Feb), Private Loans (YoY) (Feb).
  • 15:30 USA: Gross Domestic Product Annualized (Q4), Gross Domestic Product Price Index (Q4), Initial Jobless Claims (Mar 20).

Current situation:

Expectations on Wednesday were fully justified. The balance line (Lb - sma55) and the trend line were strong support. From this, the price rebounded to 1.0894. At Asian trading, buyers shifted the maximum to 1.0934.

Growth stopped at the 157th degree and the U3 line. The MA line with a deviation of 1% from Lb is the resistance. Given that due to the coronavirus and the collapse of stock indices, volatility has increased, the target is to be higher in the region of 1.0980-1.10.

The US Senate approved a $2 trillion USD coronavirus stimulus package. This is good news for all markets, but movement is expected at the American session. Growth is expected after a small pullback.

I must also warn you that the euro is also under pressure due to the fact that business activity in the manufacturing sector has fallen sharply in Germany. Any attempt of the dollar to turn upwards will lead to the collapse of the single currency.

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