EURUSD 15-03-2018 Intra-day analysis

Daily Forex Market Preview, 15/03/2018

The uncertainty in the USD continued to linger as the first quarter GDP projections were revised lower following a weak retail sales report. Headline retail sales fell 0.1% in February marking a third month of decline and missed expectations of a 0.3% increase.

German inflation report for February showed no change while the industrial production figures for the Eurozone also came out weaker than expected. ECB President Mario Draghi spoke at the ECB Watchers conference yesterday where he said that officials will remain patient and accommodative as inflationary pressures are yet to build. Later in the evening, New Zealand GDP data showed that the economy expanded at a pace of 0.6% in the quarter ending December. This was below forecasts with the annual GDP rate for 2017 rising at a slower pace.

Looking ahead, the Swiss national bank will be holding its quarterly monetary policy meeting today. No changes are expected from the central bank at today’s meeting. The Norges bank will also be holding its monetary policy meeting today. Interest rates are expected to remain steady at 0.5%.

 

EURUSD 15-03-2018 Intra-day analysis

EURUSD (1.2379): The EURUSD was seen trading weaker yesterday following Tuesday’s strong gains. Price action remains range bound however but with the euro finding support at 1.2363 level of support, we expect to see price action trading above this price in the near term. The breakout from the falling trend line could potentially keep EURUSD biased to the upside with the potential for the currency pair to target the previous highs at 1.2443. To the downside, a strong close below 1.2330 is required in order to shift the bias to the downside.