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Daily Outlook of EURUSD

FX:EURUSD   Euro / U.S. Dollar
EURUSD the pair overall still bullish trend , the pair trade in large range bound between 1.22 to 1.2450 last week but the overall theme of the week was that of dollar strength. earlier the dollar weakening all across the board Due to the decision of the US administration to impose tariffs on various Chinese goods.This has led to some choppy trading in the pair as the euro moved lower and back to the lows of the range just a week after pushing to the highs of the range.

The euro edged higher on Friday, with EUR/USD rising 0.16% to 1.2319 to end the week 0.28% lower.Investors will also be awaiting Wednesday’s euro zone inflation data, which is expected to show that a recent slide in consumer prices has come to an end. A pickup in inflation would bolster expectations for an end to European Central Bank stimulus later this year.

Technically the pair made a strong support at 1.2283 with the double bottom pattern on daily candle,currently the pair trade below 4hr resistance 1.2240, if break we can see short term buying to test earlier Resistance around 1.2360/80. we can see one pullback from 1.2360/75 , Ultimately, I think that a pullback at this point offers a buying opportunity as we continue to see bullish pressure.

Long Around 1.23010/1.2290
target : 1.2380/1.2440

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