Technical view:
-MACD and stochastic RSI going bullish, regular RSI still bearish
-price is in downtrend channel since beginning of January
-price bounced up from 50D WMA (yellow line) which is bullish indicator
-expect fast up movement if price open above 200D WMA (red line)
Fundamental view:
Disappointing data from the US industry weighed on the dollar. The highly regarded purchasing managers' index ISM fell in February to its lowest level since November 2016. The decline was also stronger than expected. The indicator continues to signal solid growth in the industry. However the US Federal Reserve is likely to see itself confirmed in its wait-and-see attitude and refrain from raising interest rates again for the foreseeable future. In addition income development in the US also declined in January.
For the eurozone there was a series of positive economic data. In January the unemployment rate was at its lowest for over ten years. In Germany the number of unemployed has continued to fall, leaving the unemployment rate at a low of 5.3 percent
Good luck to all and have a nice and successful week !
-MACD and stochastic RSI going bullish, regular RSI still bearish
-price is in downtrend channel since beginning of January
-price bounced up from 50D WMA (yellow line) which is bullish indicator
-expect fast up movement if price open above 200D WMA (red line)
Fundamental view:
Disappointing data from the US industry weighed on the dollar. The highly regarded purchasing managers' index ISM fell in February to its lowest level since November 2016. The decline was also stronger than expected. The indicator continues to signal solid growth in the industry. However the US Federal Reserve is likely to see itself confirmed in its wait-and-see attitude and refrain from raising interest rates again for the foreseeable future. In addition income development in the US also declined in January.
For the eurozone there was a series of positive economic data. In January the unemployment rate was at its lowest for over ten years. In Germany the number of unemployed has continued to fall, leaving the unemployment rate at a low of 5.3 percent
Good luck to all and have a nice and successful week !
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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