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Euro stands strong despite gloomy data -

Feb, 25th 12:15

Today, data from Eurostat showed that Euro-area annual inflation was 0.3 percent, slightly below the expectation of 0.4 percent. Consumer prices for January excluding food, energy, alcohol, and tobacco was in line with forecast at 1 percent, up 0.1% from the number of December.

The reading is still too far from the ECB’s 2-percent medium-term inflation goal, increasing the pressure on ECB officials to review their stimulus package to support the region’s recovery at the meeting on March 9-10.

It seems that despite the previous measures including negative interest rates and bond-buying program, the prices cannot take off due to the slump of commodity.

At 1:30 P.M GMT, the Census Bureau is due to report on Durable Goods Orders. The gauge excluding transportation items, for January 2016, is expected to decline 1.2 percent compared to the December 2015.

At the same time, the Department of Labor will publish the reading on the number of individuals who filed for unemployment insurance for the first time during the last week. Despite being forecast to reach 271,000 – higher than the number for the week ending on Feb 19, the reading is still under 300,000, indicating a healthy labor market.

EURUSD

Fig: EURUSD D1 technical chart

The pair bounced back today after three consecutive trading days in slide. The Euro plunged from $1.13194, the high from Feb 12, to $1.09531, the yesterday’s low. In two week, the single currency dip more than 3 percent against its American counterpart and cut the MA50.

The ADX (14) is currently at 35, with the –DI line above the +DI line, indicating that the retreat is still too strong. However, as can be seen from the chart, the price failed to break through the 61.8 Fibonacci level at $1.09624, it is predicted that a reversal would happen soon.

Trade suggestion

Buy Digital Call option at 1.11512 and Digital Put Option at 1.09557

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