EUR Pressured By U.S Dollar
EUR/USD extended the bearish trend for the 12th consecutive session and has been confined with 37-pips price action since yesterday. The pair clocked a 1.0620 high today and remains under pressure by recovering US dollar as the Index peeked to 101.24 high yesterday. Today USD retreated to 100.73 low, showing signs of weakness following Yellen’s speech yesterday as the market still not digesting the outcome. Yellen abandoned the support for U.S dollar, and left it to trade based on U.S upcoming economic events, stressing that U.S economy is doing well overall.
- Trend : Bearish Sideways
- Resistance levels: R1 1.0622, R2 1.0653, R3 1.0705
- Support levels: S1 1.0570, S2 1.0537, S3 1.0486
Remark : The market is bearish and Friday’s drop out from sideways congestion around 1.07+/- alerts for fro another aggressive selling wave to reach S2. Any corrective congestion trapped within the lower half of Friday’s range will stay aligned for selloffs. A close above R3 level is needed to spark bullish forces and trend reversal.