European Session EURUSD Boost From ECB Update
Updated
EURUSD Technical Analysis
Day Trading Range: 1.1635 - 1.1755
Pivot: 1.1665
Key Support: 1.1690 - 1.1665 - 1.1635 - 1.1600
Key Resistance: 1.1720 - 1.1735 - 1.1752 - 1.1775
Technical Indicators:
MACD: MacD is having Strong Bullish volume.
Moving Avg: SMA100 (1.1624) & SMA200 (1.1570) Strong Support for EURUSD.
Technical Most Likely Scenario: long positions above 1.1665 with targets at 1.1718 & 1.1735 in extension.
Technical Alternative scenario: below 1.1665 look for further downside with 1.1635 & 1.1605 as targets.
Fundamental:
The EUR/USD has found acceptance above the 100-day moving average for the first time since April 25. The common currency picked up a strong bid yesterday after the European Central Bank (ECB) sounded optimistic about prospects for inflation, bolstering the already bullish technical setup.
Today’s data is US meets expectation the possibility for USD to gain upper hand against EURO before market closes on Friday is very low as it will scale down investors’ expectations for faster Fed rate hikes. Meanwhile, an above-forecast reading would reinforce expectations that domestic demand would cushion the US economy from external shocks and could put a bid under the USD. Risk sentiment in market has died down a bit as President Trump tweeted that he felt no pressure to do a trade deal with China, causing some unwind of the positive risk sentiment despite his government reaching out to China for trade related talks.
Thanks
YoCryptoManic
Day Trading Range: 1.1635 - 1.1755
Pivot: 1.1665
Key Support: 1.1690 - 1.1665 - 1.1635 - 1.1600
Key Resistance: 1.1720 - 1.1735 - 1.1752 - 1.1775
Technical Indicators:
MACD: MacD is having Strong Bullish volume.
Moving Avg: SMA100 (1.1624) & SMA200 (1.1570) Strong Support for EURUSD.
Technical Most Likely Scenario: long positions above 1.1665 with targets at 1.1718 & 1.1735 in extension.
Technical Alternative scenario: below 1.1665 look for further downside with 1.1635 & 1.1605 as targets.
Fundamental:
The EUR/USD has found acceptance above the 100-day moving average for the first time since April 25. The common currency picked up a strong bid yesterday after the European Central Bank (ECB) sounded optimistic about prospects for inflation, bolstering the already bullish technical setup.
Today’s data is US meets expectation the possibility for USD to gain upper hand against EURO before market closes on Friday is very low as it will scale down investors’ expectations for faster Fed rate hikes. Meanwhile, an above-forecast reading would reinforce expectations that domestic demand would cushion the US economy from external shocks and could put a bid under the USD. Risk sentiment in market has died down a bit as President Trump tweeted that he felt no pressure to do a trade deal with China, causing some unwind of the positive risk sentiment despite his government reaching out to China for trade related talks.
Thanks
YoCryptoManic
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