EUR/USD: Weekly Technical Analysis For March 2-6, 2015

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EURUSDH4

 

Indicators:

Weekly bias remains bearish. List of indicators applied on the 4 hours time-frame used for analysis includes:

Moving Averages 21 and 55 = Sell

Parabolic S.A.R = Sell

A.D.X= Sell

R.S.I = Sell

MACD = Sell

SSRC(customized stochastic) = Sell

Weekly Central Pivot Point Bias = Bearish

Candlestick formed from previous week = Bearish

Candlestick formed from previous month = Bearish Hammer

 

 

 

Technical Analysis:

Last week’s fall shows that consolidation from 1.1096 has possibly completed. Initial bias remains cautiously on the downside this week for 1.1096 retest. A break and close below 1.1096 support will extend recent down trend and target next fibonacci level at 1.0283.

Above 1.1387 will dampen this bearish case and bring another recovery. But in that case, we’d expect strong resistance from 1.1678 to limit upside and bring down trend resumption eventually.

 

In the week ahead, Friday’s U.S. employment report will be closely watched, while Thursday’s European Central Bank monetary policy meeting will also be in focus.

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