Correcting Lower But Essentially Bullish (22-03-2017) (AP)Hello Dear Traders & Welcome to Growing Forex
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The EUR/USD pair consolidates near its recent highs, having held below 1.0820 during the Asian session and now trading near a daily low of 1.0782 early London. Attention is centred on equities, sharply lower in the region after yesterday's Wall Street slump. The lack of progress of the Trump administration seems to have finally took its toll on investors' mood.The EU released its current account for January, which recorded a surplus of €24.1 billion, below market's expectations, and December result, this last revised lower to €30.8B. The macroeconomic calendar will remain scarce for the rest of the day, with only US Existing Home sales for February and the EIA crude oil stocks in the American afternoon.The pair seems poised to correct in the short term, moreover after reaching a critical resistance, the 50% retracement of the post-US election decline at 1.0820, given that in the 1 hour chart, technical indicators retreat from overbought readings, heading south within positive territory. Still the latest bullish trend remains firm in the background, and it would take a break below 1.0700 to see it tumble.The immediate support is the 1.0760 region, followed by 1.0730, the level that capped the upside for over a week. A downward acceleration below this last could see the pair extending down to 1.0690/1.0710, although such decline seems unlikely at this point.It would take a break above the mentioned 1.0820, on the other hand, to see the pair regaining its upward momentum, with 1.0860 and 1.0900 as the next intraday resistances and possible bullish targets.
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