Euro is closing the month on a largely flat note. Look at the monthly chart shows. Multiple resistance in the range of 1.1436-1.1533 levels, which if breached shall open doors for 1.1714 (Aug 2015 high). But the question is will it breach?
Going by monthly chart, the pair may breach 1.1533, given that we have a bullish 5-MA and 10-MA crossover. from macro viewpoint, ECB is likely to stay calm, while Fed rate hike bets continue to drop. If next week's US wage growth number disappoints and NFP figure prints below 200K we may bid adieu to 2016 rate hike bets and that could help EUR/USD see a convincing break above 1.1533 levels.
On the downside, area around 1.1165 could be a strong support zone for next month.
Going by monthly chart, the pair may breach 1.1533, given that we have a bullish 5-MA and 10-MA crossover. from macro viewpoint, ECB is likely to stay calm, while Fed rate hike bets continue to drop. If next week's US wage growth number disappoints and NFP figure prints below 200K we may bid adieu to 2016 rate hike bets and that could help EUR/USD see a convincing break above 1.1533 levels.
On the downside, area around 1.1165 could be a strong support zone for next month.
