The euro crossed above the key psychological 1.36 level during early European session trading today. EURUSD is at risk from key fundamentals today which could act as a catalyst to give the pair a clearer direction.
Better-than-expected Euro zone business and economic sentiment released today has kept the euro supported but the stochastics are approaching overbought levels on the hourly chart so technically the upward momentum could be losing steam ahead of the European Central Bank policy meeting at 12:45pm GMT
RSI has flattened out after rising above 50 and is currently beginning to turn down.
Currently the 50- period moving average is providing immediate support. The key 1.3600 psychological level will act as significant support but any seriously dovish comments from ECB Chief Mario Draghi’s press conference could provide downward pressure on the euro. Support at 1.3552 will be targeted.
Alternatively, any hawkish news form the ECB meeting could lead the pair to resume its bullish momentum to break above today’s high of 1.3621 towards next resistance at 1.3634 and then 1.3655.
The euro crossed above the key psychological 1.36 level during early European session trading today.
EURUSD is at risk from key fundamentals today which could act as a catalyst to give the pair a clearer direction.
Better-than-expected Euro zone business and economic sentiment released today has kept the euro supported but the stochastics are approaching overbought levels on the hourly chart so technically the upward momentum could be losing steam ahead of the European Central Bank policy meeting at 12:45pm GMT
RSI has flattened out after rising above 50 and is currently beginning to turn down.
Currently the 50- period moving average is providing immediate support. The key 1.3600 psychological level will act as significant support but any seriously dovish comments from ECB Chief Mario Draghi’s press conference could provide downward pressure on the euro. Support at 1.3552 will be targeted.
Alternatively, any hawkish news form the ECB meeting could lead the pair to resume its bullish momentum to break above today’s high of 1.3621 towards next resistance at 1.3634 and then 1.3655.
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