Today we will take a look at the EUR / USD. Another attempt by buyers to overcome the resistance at 1.1250 was unsuccessful and as a result, the risk of a resuming downward movement remains likely. The local target is 1.0990, with a barrier at 1.1100.
The main scenario takes into account the weakening of the pair to 1.1100 and remains in focus until an update of today's highs. Let me remind you that there will be no important macroeconomic publications today, so trading volatility may remain moderate.
An alternative scenario takes into account the return of the currency pair above 1.1250 and, as a result, the resumption of growth to 1.1345. This scenario can only be realized with an unexpectedly strong weakening of the USD, which is unlikely to happen at this time.
Let me remind you that on Tuesday a report will be published on the change in the level of business activity in the services sector, as well as the manufacturing sector for EU countries. Numbers above analysts expectation can stimulate further interest in this currency pair. Otherwise, a bearish, the (main) scenario will be implemented.
The above review is not a direct guide to action, but carries an exclusively recommendatory nature.
|By clicking "Continue" you will be redirected to the website operated by BDSWISSEU Holdings Limited, a company registered in Cyprus and regulated by CySEC. Please familiarize yourself with the Terms of Business through the link. Click "Cancel" to remain on this page.|