Article by Investazor.com
EUR/USD Price Action For April 1st
The price made a false breakout below 1.3745, yesterday, and rallied very fast all the way to 1.3800. It did not close, on a 60 minutes chart, above this round level so it dropped back to 1.3761. A close below this local support could mean that the US dollar could get back to 1.3747. A close above the 200 EMA would be a positive signal which would confirm the Falling Wedge. Upside target is 1.3815.
Economic Releases
Even though Technical analysis is important and can help us trade profitable, it is very important to keep our eyes open for important economic releases which could move the market in an unexpected direction.
For today the most important indicators programed to be released are:
EU – Spanish Manufacturing PMI (08:15). In January and February, 2014, the Spanish manufacturing PMI was above estimation. In March it has been published under analysts’ forecasts. Today it is expected to be around 52.9. A release above this number would help the Euro gain, while a lower number could mean a drop for the European single currency.
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