Twice we tried to breach the mid-May high’s 1.1850 and failed
EURUSD popped from 1.1725 to 1.1790 after the Fed rate hike and extended the gains on Thursday’s early European session. Twice we tried to breach the mid-May high’s 1.1850 and failed, well above 1.1850 could open to 1.1900-1.1920 levels and on an extreme case, 1.1990 could even possible. Probably we are going to trade between 1.1790-1.1850 before ECB. The daily studies RSI and oscillator are remaining bullish.
Supports are at 1.1780 and 1.1725 levels. A break should expose to 1.1620-1.1590 levels. Our baseline assumption remains that Q2 trading range remains between 1.1450-1.2000 levels.
The further return of USD weakness, which should allow EUR to perform better continuation from the last week with resistance seems at 1.20 in the coming days.
Supports are at 1.1780 and 1.1725 levels. A break should expose to 1.1620-1.1590 levels. Our baseline assumption remains that Q2 trading range remains between 1.1450-1.2000 levels.
The further return of USD weakness, which should allow EUR to perform better continuation from the last week with resistance seems at 1.20 in the coming days.