EUR/USD bumping towards 1.07 in Monday bullish bounce
Greetings dear traders! Brian here.
Currently, the EUR/USD is trading under pressure below 1.0700 in the cautious Asian trading on Tuesday. It is speculated that the completion of ECB's interest rate hike serves as a hindrance to the common currency, while a decrease in USD action could support this pair.
On the 4-hour chart, this currency pair is recovering from multi-month lows. The key resistance level seen is at 1.0710 and closing above that level on a daily basis could indicate some slight decline for the Euro. On the other hand, breaking below 1.0630 would reveal 1.0600 levels with strong support around 1.0570.
On a positive note, surpassing above the downward trend line at 1.0715 may strengthen prospects for Euro.
Currently, the EUR/USD is trading under pressure below 1.0700 in the cautious Asian trading on Tuesday. It is speculated that the completion of ECB's interest rate hike serves as a hindrance to the common currency, while a decrease in USD action could support this pair.
On the 4-hour chart, this currency pair is recovering from multi-month lows. The key resistance level seen is at 1.0710 and closing above that level on a daily basis could indicate some slight decline for the Euro. On the other hand, breaking below 1.0630 would reveal 1.0600 levels with strong support around 1.0570.
On a positive note, surpassing above the downward trend line at 1.0715 may strengthen prospects for Euro.
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good luck
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The key risks to EUR’s outlook are an earlier-than-expected dovish ECB pivot and/or growth momentum in Euro area continues to decelerate sharply.
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If you have any questions, just ask Brian!
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In the European calendar, New Car Registrations in the European Union (EU) expanded 21.0% in the year to August, and Producer Prices in Germany rose 0.3% MoM in August and contracted 12.6% compared with the same month a year earlier.
