The euro rebounded against USD at yesterday's session with the support of 100Dema. The pair is approaching the previous resistance level.
In April 2015, the French industrial production output fell back in the manufacturing industry (–1.0%, after +0.5% in March) as well as in the industry as a whole (–0.9% after 0.0%).
In April 2015, the seasonally adjusted Italian industrial production index decreased by 0.3% compared with the previous month.
Today, traders eye French non-farm payrolls on quarterly basis and monthly CPI data. Besides, US retail sales and unemployment claims are due. Today's trading pattern is driven by US data.
Technical view: At today's Asian session, the euro is trading lower against USD at 1.1302 compared to 1.1324 Wednesday's close. Intraday resistance is seen at 1.1350 and 1.1400. Support is found at 1.1290 and 1.1250. At yesterday's session, we recommended buying with targets at 1.1340 and 1.1380. All the targets were hit. The pair aims at higher lows and higher highs in the H1, H4 and in the daily chart as well. Earlier, we revised targets at 1.1540 and 1.1700 (reference June 09th article). At yesterday's session, the pair rejected exactly at the ascending trendline. Ahead of today's major data from the US, USD is trading higher during the Asian session. We expect good amount of volatility at today's session.
For bulls, the buying opportunity is seen above 1.1335 with targets at 1.1350, 1.1380, and 1.1395. Strong bullish momentum looms above 1.1400 with an immediate target at 1.1500.
For bears, selling opportunity is expected below 1.1290 with targets at 1.1250, 1.1235, 1.1215, and 1.1200.
This week, bulls must close above 1.1400 to maintain bullish targets at 1.1540 and 1.1700. Otherwise, the pattern is likely to move towards the double top with targets att 1.1040 and 1.0900 again. In the hourly chart, we can observe mild negative divergence.
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