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EURUSD- 07/06/2018
Despite the latest round of setbacks into the 1.1500 area, the Euro remains confined to a medium term uptrend, with any additional weakness expected to be limited. Daily studies are already turning back up after the market finally dropped back to retest a major previous resistance turned support zone in the form of the breakout area from 2017. A daily close back above 1.1830 will strengthen the constructive outlook.
EURUSD – fundamental
There’s been renewed demand for the Euro after the currency had been hit hard since mid-April. More bids have come into the market since Wednesday, on the back of hawkish ECB speak and expectations for an ECB QE exit announcement at next week’s ECB meeting. A recent run of data out of the Eurozone has also been more encouraging, while defused risk associated with Eurozone politics have done nothing to hurt the Euro’s cause either. Meanwhile, on the other side of the equation, the US Dollar has come under pressure of its own as the US moves ahead with its protectionist, soft Dollar policy platform. Looking ahead, we get German factory orders, Eurozone GDP readings and US initial jobless claims.
Good Luck...!!!
Despite the latest round of setbacks into the 1.1500 area, the Euro remains confined to a medium term uptrend, with any additional weakness expected to be limited. Daily studies are already turning back up after the market finally dropped back to retest a major previous resistance turned support zone in the form of the breakout area from 2017. A daily close back above 1.1830 will strengthen the constructive outlook.
- R2 1.1855 – 16May high – Strong
- R1 1.1830 – 22May high – Medium
- S1 1.1713 – 6Jun low – Medium
- S2 1.1618 – 1Jun low – Strong
EURUSD – fundamental
There’s been renewed demand for the Euro after the currency had been hit hard since mid-April. More bids have come into the market since Wednesday, on the back of hawkish ECB speak and expectations for an ECB QE exit announcement at next week’s ECB meeting. A recent run of data out of the Eurozone has also been more encouraging, while defused risk associated with Eurozone politics have done nothing to hurt the Euro’s cause either. Meanwhile, on the other side of the equation, the US Dollar has come under pressure of its own as the US moves ahead with its protectionist, soft Dollar policy platform. Looking ahead, we get German factory orders, Eurozone GDP readings and US initial jobless claims.
Good Luck...!!!
