15/10/18 01:06 PM
The pair is currently giving us mixed signals.
Today we would take a look at the EUR/USD currency pair. After declining two weeks ago, the pair remained more or less steady until this weekend when the euro managed to recover some of its lost ground.
The economic landscape of the European single currency remains bland for the foreseeable future. Nothing new is really expected of the European Central Bank and there aren’t many important fundamental reports from the eurozone coming our way either. Instead, the euro has been under the influence of purely political factors, i.e. whether Italy will resolve its budgetary woes or not. If the European Union manages to keep the Italian government under control, we can predict a steadier course for the single currency, but there would still not be many incentives for active growth.
On the other hand, the American dollar continues to go strong against virtually all major currencies. The USD is well-supported with fundamental data, though increasing risk appetite among investors did draw some of the interest away from the dollar last week. This week we await the publication of the minutes from the Federal Reserve’s most recent policy meeting, which would offer a better insight into what’s in store for the dollar.
In terms of the daily chart, today we have a pivot point for the pair located at 1.1549. The daily support levels lie at 1.1544 and 1.1536. The daily resistances are located at 1.1562 and 1.1570, with the pair currently trading above all of them. We expect the price to continue rising today. The indicators of technical analysis are giving us somewhat mixed signals, but overall lean towards a buy recommendation.
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