The technical situation on eurodolarze has not changed much from yesterday's session. Demand side all the time trying to correct previous declines, but from what we see upward movements are limited. The demand side was able to lead to the abolition of the 38.2% fibo recent decline from 1.1427 - 1.0909. Wednesday's breakout above 1.1111 may suggest that the correction has not finished yet and perhaps demand side will take yet another attempt to attack towards 1,1168-88. Previously, however, the demand will have to overcome the resistance level
1.1130. After completion of the correction expect further declines towards the recent lows. Higher price levels will be a great opportunity to play for a short time.
In the case of taking the initiative by the supply side, the Eurodollar will head towards 1.1050 and 1.1013. Overcoming these levels will open the way toward 1.0971 and 1.0909. In the version of the more pessimistic, Eurodollar market may experience decreases even in the area 1,0810-1,0825.
Fundamental situation is not conducive to a common currency and hard in this case to assume that the current correction can turn into a greater movement upward. European currency not only pregnant but Brexit on the horizon, we also have a referendum in Italy
, which applies to limit the political role of the Senate.