3 April 2001, 17:29 * EUR/USD pushed to a two-day high of 0.8871 in early trading
* EUR/USD pushed to a two-day high of 0.8871 in early trading, driven
largely by flows and bidding in EUR/GBP following a report in the
Independent newspaper which said the UK's Barclays may be planning to bid
for Dresdner Kleinwort Wasserstein.
The euro zone unemployment rate came in at a slightly
better-than-forecast 8.7% in February while the euro zone economic
sentiment index dipped to 102.2 in March from a revised 102.8 in February,
in line with expectations.
However, while Germany's six economic institutes denied an FT
Deutschland report that they had agreed on a 2.1% GBP forecast for 2001,
the Federation of German Banks said German growth is unlikely to reach 2%
this year. Italy's producer confidence index dropped to 94 in February
from 100 in January.
The outlook is mixed, with buy-stops seen above 0.8870 and sell-stops
below 0.8820.
Support: 0.8792 (overnight low), 0.8725 (April 2; 4-month low), 0.8716
(Dec. 13 low), 0.8480 (target of bear flag formed since March 9), 0.8372
(Nov. 23 trough)0.8790 (38.2% Fibonacci retracement level of the June-Octoberdowntrend).
Resistance: 0.8871 (overnight high), 0.8848 (61.8% Fibonacci
retracement level of the Nov. 27-Jan. 5 uptrend),0.8963 (50% Fibonacci
retracement level of the June-Oct. downtrend), 0.8979 (61.8% Fibonacci
retracement level of the July 26-Oct. 26 downtrend), 0.8991 (March 27
high), 0.8998 (200-day moving average), 0.9136 (61.8% Fibonacci
retracement level of the June-October downtrend), 0.9014 (20-day moving
average), 0.9382 (March 2 peak), 0.9446 (Feb. 1 high), 0.9504 (Jan. 19
high), 0.9595 (Jan. 5 high; 6-month high).
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