ECB Meeting and the US monthly employment data this week are likely to be pivotal for establishing the intermediate trend in the pair. If the US employment data on Fri. is perceived as strong the pair will be under selling pressure. On the other hand, if the employment data disappointing, the QE tapering talk will subside and the pair can rally, especially if there are two daily closes above the cloud. Also, if Dragi hints at further rate cuts in the ECB meeting on Thu., this pair can sell off.
Technically the pair is consolidating as it forays into the cloud time and again. Support is seen at 2940, . Above 3060, the pair can rally strongly to resistance at 3180-3200.
Technically the pair is consolidating as it forays into the cloud time and again. Support is seen at 2940, . Above 3060, the pair can rally strongly to resistance at 3180-3200.