EURUSD Analysis: Technical setup bearish for EURUSD despite positive data

March 12, 2020

By IFCMarkets

Technical setup bearish for EURUSD despite positive data

Euro-zone industrial production rose 2.3% over month in January after 1.8% decline in December, when a 1.4% growth was forecast. This is bullish for EURUSD. However, global equity markets are falling with uncertain economic prospects as coronavirus outbreak spreads globally. And technical setup is bearish ahead of ECB policy meeting where more monetary stimulus measures are expected to be announced.

IndicatorVALUESignal
RSINeutral
MACDSell
Donchian ChannelNeutral
MA(200)Sell
FractalsSell
Parabolic SARSell

 

Summary of technical analysis

OrderSell
Buy stopBelow 1.1227
Stop lossAbove 1.1319

Market Analysis provided by IFCMarkets