EUR/USD Slowly Climbs As ECB Easing Measures Faded
EUR/USD started a bullish trend at a slow pace, in response to neutral US economic report yesterday. The pair rallied today from 1.0829 low and clocked a high 1.0924 in response to positive EU data especially German CPI, giving signs that the ECB is not going to ease its policy at this time. In addition, the US dollar index dropped from yesterday’s high of 99.0 to today’s low of 98.74, currently trading at 98.80. Although EUR/USD trend is short-term-upswing, the pair remains under pressure by a strong greenback.
Key levels to watch: Daily Pp 1.0908
First resistance: R1 1.0931, R2 1.0952, R3 1.0972, R4 1.1017
First support: S1 1.0873, S2 1.0851, S3 1.0827, S4 1.0796
Remark: Even if we witness a bullish correction upswing, EUR/USD still remains bearish in general due to strong US economy. Look forward for today’s advance US GDP at 1:30 PM GMT which will give a better view for the EUR/USD.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.