Yesterday’s trade saw EUR/USD within the range of 1.0691-1.0856. The pair closed at 1.0698, losing 1.42% on a daily basis.
At 8:27 GMT today EUR/USD was down 0.41% for the day to trade at 1.0652. The pair broke the first key daily and the first key weekly support levels and touched a daily low at 1.0638 at 8:15 GMT. This has also been the lowest level since April 7th 2003, when a low of 1.0559 was recorded.
Fundamentals
Euro area
ECB President Mario Draghi Statement
At 8:00 GMT ECB President Draghi is to take a statement. Moderate-to-high volatility of the euro crosses is usually present during his speeches.
United States
Monthly Budget Statement
The United States probably recorded a government budget deficit of USD 187.0 billion in February, according to market expectations, after a shortfall of USD 17.5 billion during the previous month. Januarys gap came as a result of higher government expenditures on health care services for low-income Americans. In January total receipts were at the amount of USD 302 billion, or about USD 6 billion (2%) more than those reported in January last year, while total outlays were recorded at USD 320 billion during the period, up 6% (USD 14 billion). If not for the effects of timing shifts, outlays in January would have been USD 12 billion higher than they were in the same month a year ago, according to the report by the US Treasury.
A larger-than-projected deficit would have a certain bearish effect on the greenback. The Financial Management Service is to publish the official figure at 18:00 GMT.
Pivot Points
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.0748. In case EUR/USD manages to breach the first resistance level at 1.0806, it will probably continue up to test 1.0913. In case the second key resistance is broken, the pair will probably attempt to advance to 1.0971.
If EUR/USD manages to breach the first key support at 1.0641, it will probably continue to slide and test 1.0583. With this second key support broken, the movement to the downside will probably continue to 1.0476.
The mid-Pivot levels for today are as follows: M1 – 1.0530, M2 – 1.0612, M3 – 1.0695, M4 – 1.0777, M5 – 1.0860, M6 – 1.0942.
In weekly terms, the central pivot point is at 1.0975. The three key resistance levels are as follows: R1 – 1.1110, R2 – 1.1376, R3 – 1.1511. The three key support levels are: S1 – 1.0709, S2 – 1.0574, S3 – 1.0308.
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