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EURUSD: Broader Bias Remains Higher But With Caution

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  • EURUSD: Broader Bias Remains Higher But With Caution

    EURUSD: With the pair still holds on to its broader uptrend despite lower close the past week. Resistance comes in at 1.2000 level with a cut through here opening the door for more upside towards the 1.2050 level. Further up, resistance lies at the 1.2100 level where a break will expose the 1.2150 level. Conversely, support lies at the 1.1800 level where a violation will aim at the 1.1750 level. A break of here will aim at the 1.1700 level. Below here will open the door for more weakness towards the 1.1650. All in all, EURUSD faces further upside pressure though with caution.

    EURUSDWeekly.png

  • #2
    EURUSD: target at 1.1555

    The euro tried to recover, but the correction only started from 1.1575, which was brought about by a drop in US 10Y bond yields. They dropped on the news that Jerome Powell, a member of the Fedís board of governors and an advocate of loose monetary policy, has emerged as a favourite for the position of Chair.
    eur_301017.png
    The euro remains under pressure since the ECBís meeting and Mario Draghiís subsequent press conference. The euro is trading up in Asia, and is strengthening on all the crosses. This is a technical correction and doesnít have anything fundamental driving it. The price is rising without volume, which is rather strange. In my forecast, Iím allowing for growth to the 45th degree, which is currently sitting at 1.1629.

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