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Forex Daily Outlook – March 8, 2019

By:
Colin First
Published: Mar 8, 2019, 07:41 UTC

EUR/USD The Euro turned extremely bearish during yesterday's session, breaking below the much supportive 1.12 level. The breakdown in the market happened

Forex Euro

EUR/USD

The Euro turned extremely bearish during yesterday’s session, breaking below the much supportive 1.12 level. The breakdown in the market happened just after ECB President Mario Draghi suggesting the need to hold the rate hikes for the rest of the year. The market will continue to experience strong selling pressure and could reach down to the 1.10 level, which is the next major support level. …Read More

GBP/USD

The British Pound also came under the bearish influence of Euro and fell lower during yesterday’s session. But, the market is likely to attract buyers and will continue to be attractive at lower levels. The 1.30 level underneath is strong support for the pair and unlikely to break below this level. The market today is expected to remain choppy due to the job figures from the US later today. …Read More

AUD/USD

The AUD on Thursday’s session reached down to the 0.70 level, which has massive support. Given the bearish grip, if the pair breaks below the 0.70 level, then the next major support is at 0.68 level, based on long term chart. Today US job figures would cause a bit of volatility in the market and will decide the future momentum in the pair. …Read More

USD/JPY

The USD pulled lower against the JPY in yesterday’s session, breaking below the supportive 111.50 level. The market will continue to experience the bearish grip and could reach down to the 111 level, which has strong support. With the US job number later today, the market is expected to remain volatile and could trade range bound. …Read More

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

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