Euro Still in Decline, No End in Sight Yet
Action Insight Daily Report 3-4-22

Euro Still in Decline, No End in Sight Yet

Markets sentiment took another dive on reports of Russia's attack on a nuclear complex in Ukraine. Euro is extending recent decline, together will steep selloff in Asian stocks. Meanwhile, Australian Dollar is solidifying upside momentum, taking New Zealand Dollar higher too. Dollar remains mixed and will look into non-farm payroll report from the US. But the data would likely be overwhelmed by any developments in Russia's invasion of Ukraine.

Technically, EUR/CAD took out initial target of 61.8% projection of 1.5096 to 1.4162 from 1.4633 at 1.4056, without much hesitation. Deeper fall should be seen to 100% projection at 1.3699. EUR/AUD broke 100% projection of 1.6343 to 1.5354 from 1.6223 at 1.5143, and it's on track to 161.8% projection at 1.4476. EUR/CHF is also on the way to 100% projection of 1.0936 to 1.0298 from 1.0610 at 0.9972. Things are not looking good for the common currency.

In Asia, Nikkei closed down -2.32%. Hong Kong HSI is down -2.38%. China Shanghai SSE is down -0.96%. Singapore Strait Times is down -0.14%. Japan 10-year JGB yield is down -0.0148 at 0.154. Overnight, DOW dropped -0.29%. S&P 500 dropped -0.53%. NASDAQ dropped -1.56%. 10-year yield dropped -0.021 to 1.844.

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Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0125; (P) 1.0183; (R1) 1.0211; More....

EUR/CHF drops further to as low as 1.0115 so far and intraday bias remains on the downside. Current fall is part of the down trend from 1.1149, and should target 100% projection of 1.0936 to 1.0298 from 1.0610 at 0.9972. On the upside, break of 1.0251 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:30 JPY Unemployment Rate Jan 2.80% 2.70% 2.70%
07:00 EUR Germany Trade Balance (EUR) Jan 7.5B 6.8B
07:45 EUR France Industrial Output M/M Jan 0.40% -0.20%
09:30 GBP Construction PMI Feb 57.4 56.3
10:00 EUR Eurozone Retail Sales M/M Jan 1.50% -3.00%
13:30 CAD Labor Productivity Q/Q Q4 -0.20% -1.50%
13:30 USD Nonfarm Payrolls Feb 438K 467K
13:30 USD Unemployment Rate Feb 3.90% 4.00%
13:30 USD Average Hourly Earnings M/M Feb 0.60% 0.70%
13:30 CAD Building Permits M/M Jan 0.10% -1.90%
15:00 CAD Ivey PMI Feb 54.2 57.4