IForex Daily: Greek Instability Causes EUR To Fluctuate
iFOREX | Mar 03, 2015 05:30AM ET
Disappointing data from the U.S manufacturing sector combined with instability from Greece caused the euro to fluctuate between gains and losses against the dollar yesterday which ended closing the day slightly lower. Gold prices rose to weekly highs and then dropped again after indications of low demand from India due to constant import restrictions. Despite the weak manufacturing data oil prices rose marginally as weakness in the dollar was supportive for buyers of the fuel. For today investors will be focusing on the Producer Price Index from eurozone and with no significant announcements expected from the U.S. the focus is turned to Friday's employment release.
EUR/USD
The euro weakened slightly against the U.S. Dollar on Monday, following mixed economic data and continuing instability in Greece. The pair closed yesterday slightly lower with little movement after a two-day meeting of European Central Bank policymakers on Wednesday in Cyprus. In the U.S front, the rise in the dollar was capped after the Institute of Supply Management's Index fell to 52.9 for the month of February the lowest level of U.S. manufacturing growth since January, 2014. For today investors will be focusing on the Producer Price Index from eurozone and with no significant announcements expected from the U.S. the markets will look ahead to Friday's employment data.
Pivot
1.1245
Support
1.115
1.1095
1.105
Resistance
1.1245
1.127
1.13
Scenario 1: Short positions below 1.1245 with targets @ 1.115 & 1.1095 in extension
Scenario 2: Above 1.1245 look for further upside with 1.127 & 1.13 as targets.
Comment: The pair has struck against its resistance and remains under pressure.
XAU/USD
On Monday gold initially rose in morning trading, following the release of several economic data in China, but on the afternoon prices slipped, after reaching a two-week high, amid conflicting reports about demand from the world's two largest purchasers of the precious metal. Gold prices held steady to lower in early Asia on Tuesday as investors have their eyes on easy monetary policy in China and continued import restriction in India. Investors will more likely remain on the sidelines for today due to lack of important economic indicators, with the focus turned to Friday's employment release.
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Pivot
1255
Support
1165
1130
1085
Resistance
1255
1275
1307
Scenario 1: Short positions below 1255 with targets @ 1165 & 1130 in extension.
Scenario 2: Above 1255 look for further upside with 1275 & 1307 as targets.
Comment: As long as 1255 is resistance, likely decline to 1165.
OIL/USD
West Texas Intermediate gained slightly on Monday, as traders digested the latest U.S. economic data in their attempt to measure the weakness in the dollar and the overall strength of the economy. The American Petroleum Institute will release its estimate of U.S. crude, distillate and gasoline stockpiles for last week, with more closely watched data from the U.S. Department of Energy due on Wednesday.
Pivot
48.7
Support
48.7
47.8
47
Resistance
51.25
52.5
54
Scenario 1: Long positions above 48.7 with targets @ 51.25 & 52.5 in extension.
Scenario 2: Below 48.7 look for further downside with 47.8 & 47 as targets.
Comment: The RSI is mixed to bullish.
DOW/USD
The Dow Jones Industrial Average reached a record-high Monday, and closed the first day of trading for the month of March in positive territory. The index was boosted by gains in technology and consumer sectors, with most stocks rising in the U.S. equities markets. the biggest performer of the index was Visa Inc (NYSE:V) with more than 2% rise. Investors will more likely remain on the sidelines for today due to lack of important economic indicators, with the focus turned to Friday's employment release.
Pivot
18120
Support
18120
18030
17940
Resistance
18310
18365
18410
Scenario 1: Long positions above 18120 with targets @ 18310 & 18365 in extension.
Scenario 2: Below 18120 look for further downside with 18030 & 17940 as targets.
Comment: The RSI is bullish and calls for further upside.
Google Inc (NASDAQ:GOOGL)
Google stock posted a rise on Monday, possibly in reaction to the big news announcements it's made at Mobile World Congress in Barcelona. The Google stock price rose by approximately 2 percent, on Monday fueled in part by excitement over Google's plans to create a wireless network of its own. The announcement of adding a wireless service, drew the attention of investors thinking Google may have reached its next big thing.
Pivot
553
Support
553
543
535
Resistance
570
575
583
Scenario 1: Long positions above 553 with targets @ 570 & 575 in extension.
Scenario 2: Below 553 look for further downside with 543 & 535 as targets.
Comment: The RSI is bullish and calls for further advance
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