EURUSD: Inside Day Just Below The 10-Day Moving Average
Hugo O'Neill | Mar 31, 2015 04:18AM ET
The combination of Yellen's comments and worries over Greece's long awaited list of reforms is dragging down the Euro. But even after Greece finally turned over its long awaited list of reforms didn't automatically open up the free flow of funds from creditors and talks continues over this week.
Today on the economic agenda we have the Retail sales in February from Germany that is expected to fall from 5.3% to 3.7% and the preliminary consumer price index from the Eurozone that is estimated to fall from 0.7% to 0.6% . On the other side of the Atlantic we will have from the U.S the consumer confidence in March that is estimated to fall from 96.4 to 96.0.
EUR/USD fell on yesterday session with a narrow range day of 80 pips, creating an inside day and closed near the low of the day. The pair is still in a bearish phase and closed below the 10-day moving average. The stochastic is showing bearish momentum.
Expecting downward move to a Fibonacci level at 1.0680 on a break below previous day low at 1.0809 (scenario 1).
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