EURUSD analysis

FX_IDC:EURUSD   Euro / U.S. Dollar
The 1.1000 area has once again proven to be a major barrier for EUR/USD

Nevertheless, EUR/USD had shown strong upward pressure (many Bullish Engulfing ) still set to close the week in the green.

Possible Longs but the pair needs to hold above Daily EMA20 which is near to where the exchange rate is currently trading.

The support falls at 1.08837 as the level served to hold the pair lower on a Daily close basis last week.

For the session ahead, resistance is seen at 1.09803, and recovery rallies towards the level could be met with sellers in the absence of any market-moving headlines.

EUR/USD has retreated from a three-week high as the dollar has strengthened on the back of a shift in risk sentiment.

Aside from the ECB minutes scheduled, the economic calendar is light which might lead to a slowing of volatility .


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