March 05, 2018 11:05 am EST

By NewsMovesMarketsForex Staff Writer

 

 Over the last 2 days EUR USD has been Trading in 96 Pips range.  Euro hit a high of 1.2362 on March  4th 2018, and then hours later suddenly hit a low of 1.2294 the same Session during the Italian General Election  on March 4th 2018.
 
Early morning Forex Trading session 03/05/2018 Euro USD surges from temporary support of 1.2268 to 1.2337.

Euro  is trading at 1.2325 appears  to be ranging within 74 pip levels. The Euro seems to be propelled by he mixed bag European early economic news releases. The EURUSD attempting to make a break to the upside testing the high of 1.2330s possibly testing the resistant 1.2350 level as of 11:03 am.

On the data front we have very limited Euro News coming out of Germany today.  

The Italian General election took place Sunday, March 4th 2018,  where there was no clear winner as of yet.  It could be days or weeks before the next European Italian leader is confirmed.

Economic European news Spanish service PMI (Feb) met consensus at 57.3.  Italian service PMI (Feb) came in at 56.0.

French Market composition PMI (Feb) came in a 50 7.3 French Service PMI (Feb) came in at 50 2.4 German composite PMI(Feb) met consensus at 57.6.

German Service PMI (Feb) also met consensus at 55.3.  

Spanish Consumer Confidence came in at 99.7.

Market Composite PMI  actual 57.1.   Services PMI (Feb) 56.2 Centex Investment confidence (Mar) actual 24.0 and Euro retail sales M O M Jan -0.1%.

 

 

EUR USD started off the  Forex Trading week March 5th 2018  Morning session Trading up from its lows of  1.2266  to a high of  1.2330.

 

The currency has broken above the simply moving average. The 1 hour RSI  is at 52.4 and the Daily RSI is at 51 showing signs of strength.

  • Euro FX futures September 2018 123.39 down point -.0002 as of 11:05 a.m. eastern standard time
  • U.S. dollar is holding his own the dollar Index  is at  89.94 down .01% at 11:14 a.m. this morning   Eastern Standard Time.
  • The US 10-year treasury note trading at 2.864% up .007. Yield Low Today 2.81%   Yield High 2.87%

 

On the Commodities front Gold is trading at  1322.25 .80 down .95%

  • Silver is trading at 16.45 down -.10  -.61%
  • Crude oil is trading at 61.86 .11 up  +.82%

 

 

 **Technical Analysis Outlook EURUSD:   “Bullish” |     96   pip Trading Range 03/05/2018 High 1.23769     Low 1.22663

 

  • Potential intraday resistance areas for the EURUSD R1 1 .2366, R2 1.2460, Intraday Support areas S1 1.2287,  S2 1.2220
  • 1 Hour RSI 57    Daily RSI 50