EURUSD; Bulls Engaging The Resistance Zone

FX:EURUSD   Euro / U.S. Dollar
34 0 1
Technical Analysis:

Bulls keeping pressure on the declining resistance zone . They need to break the 1.128 swing high to threaten the 1.1360 and 1.1420. As long as price stays above 1.1122 support, I favor having a bullish bias. MACD is positive and is going to push above the signal line.

Fundamental Analysis:

With ECB staying pat and Draghi happy with his bank's easing policy results so far, downside for EURO             is limited. FOMC has downgraded its 'dot plot' and only 3 of FOMC members favor raising rates now. Markit PMI reports indicated further slowing down of employment growth which will add credence to the cautious approach preached by Yellen, Brainard and other doves.

Good luck,

Ali             Sharif Azadeh, CFTe
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