EURUSD, technical and news analysis after the price drop today, March 31, 2017

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The EURUSD pair continued to record losses at the end of the week's trading in the European session for the fourth consecutive day, reaching its lowest level in two weeks. These losses come as the US dollar continues to rise against other major currencies, in addition to negative data on inflation rates for the eurozone.

At the present time, the euro pair traded against the US dollar at the level of 1.0684 from the opening level of the session at 1.0690, and it recorded the highest level at 1.0692 while recording the lowest level at 1.0690

The current decline in the euro levels is due to the continued rise of the US dollar against other major currencies, to head towards recording the first weekly rise after losses for two consecutive weeks, especially after the strong data issued by the US economy during the past few days and a number of statements by members of the Reserve Bank that supported raising interest rates. More than once this year.

The weak data announced by Germany on its inflation rates also added to the euro's losses, as it showed a decline in the consumer price index less than expected, and it is expected that the annual consumer price index for the euro area for the month of March will be announced, amid expectations that the index will decline to 1.8% Compared to February, which scored 2.0%.

EURUSDThe rise of the US dollar against the major currencies and the increasing expectations of raising interest rates more than once during this year, along with the decline in inflation expectations in the euro area, led to an increase in the euro's losses, heading towards recording its first weekly decline after four consecutive weeks of gains.

At exactly 09:00 GMT, the European economy announced its preliminary expectations for the annual consumer price index during the month of March, which came higher than expectations at 1.5%, while expectations indicated an increase by about 1.8%, while the previous reading for the month of February was recorded. A rise at 2.0%, which is the highest in six years, and excluding food and fuel prices, the index rose by 0.7%, less than expected, which showed an increase by 0.8% compared to the previous reading, which recorded an increase of 0.9%, in a negative sign about the performance of the European economy.

pair technical analysis EURUSD Today 31 March 2017

The euro-dollar pair is trading at the level of 1.0684, as the price continued its decline, bypassing the Fibo line 50 and trying to target the Fibo line 38 in conjunction with the presence of the support level as shown in the graphic

eurusd

eurusd

Trading is taking place now below the level of the average moving indicator line, and the MACD indicator shows a negative crossover towards the bearish trend, while the Stochastic indicator shows a state of oversold and a positive crossover towards the upside.

Therefore, the pair is expected to continue declining to target 1.0650 in the near term

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Mohamed Abdel Khaleq

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