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.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Neutral | |
| MA(200) | Sell | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
Summary of technical analysis
| Order | Sell |
| Buy stop | Below 1.1227 |
| Stop loss | Above 1.1319 |
Market Analysis provided by IFCMarkets
