EUR/USD showed a good bounce on Friday after the price hit the 1.0495 support. Today EUR had some low impact economic events like Retail PMI which was previously 50.1 but today published at 49.9 and SENTIX Investor Confidence which was forecasted to be at 18.8 but showed a good positive result by rising at 20.7. With EUR getting a boost after the SENTIX today EUR/USD upward rally was intact till it reached 1.0630. On other hand, USD Factory Orders report is going to be published soon today which previously was 1.3% but today it has forecasted to be at 1.1%. If the USD news comes out with a negative outcome then EUR might get much stronger in the future.
Now let us look at the technical view, today the price has rejected from the resistance of 1.0630. Currently the price is in the middle of the range of 1.0570-1.0630 and rejection on the both side signals indecision in the market. We will be looking forward to go long in this pair only when the market shows any daily close above the resistance 1.0630 with a target towards 1.08. We will be bullish in this pair. Unless the price takes out the previous support at 1.0495, it will be bullish biased.
No comments:
Post a Comment