On Tuesday session EUR/USD tried to
push higher, topped at $1.1111, but closed lower at $1.1064.
Short-term expectations seem to be neutral. But strong resistance is seen at $1.12 (200-day EMA) and as long as the pair is staying below it, a further decline towards support levels at $1.09 and $1.07 will most likely occur.
On the other hand if observe the weekly development, it is clearly seen an upward movement from the open price at $1.1010 towards the 50% Fibonacci retracement at $1.1167 and even to the more important level at $1.1223 (61.80%). We should keep in mind that the macro agenda for tomorrow offers CPI data release and the pair might head to the topside.
Anyway tomorrow’s closing price will be fuelled by additional volatility due to the month/Q2 end match.
Short-term expectations seem to be neutral. But strong resistance is seen at $1.12 (200-day EMA) and as long as the pair is staying below it, a further decline towards support levels at $1.09 and $1.07 will most likely occur.
On the other hand if observe the weekly development, it is clearly seen an upward movement from the open price at $1.1010 towards the 50% Fibonacci retracement at $1.1167 and even to the more important level at $1.1223 (61.80%). We should keep in mind that the macro agenda for tomorrow offers CPI data release and the pair might head to the topside.
Anyway tomorrow’s closing price will be fuelled by additional volatility due to the month/Q2 end match.
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