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The EURUSD experienced a rebound in prices at the start of half of the trading session on Friday, as risk aversion eased on the global market. While investor appetite for risk has increased around the world with the recovery of UST, the pair has not seen a solid recovery. The Euro-bulls lost their grip on prices near the center of 1.12. While the third vote on the agreement reached between the Prime Minister and Prime Minister May did not win the support of enough legislators, the misfortunes of Brexit occupied a central place around E.O.D. The ECB, mixed macroeconomic data, mixed macroeconomic data from the euro area and fears of an economic slowdown in Europe persisted in the market, which helped support the USD bulls, pushing back and the pair to a low of the day.
Price action remains in bear territory
The pair opened for the week with a widening gap, but the price remains well below 1.12. Having fallen below several support price levels, which has limited price action over the past six months, the pair has now reached a bearish break in simple terms. While bearish prices were falling sharply, news and macroeconomic data meant that the EURO lost all its gains and fell below several key prices, giving the common currency an advantage over American dollar. Trade talks between Brexit and the United States do not appear to have increased significantly, further strengthening the strength of the euro. As a result, investors refrained from placing large bets before key events this week.
At the time of writing this article, the EURUSD is trading at a stable level at 1.1222, up 0.05% the same day. Investors are now waiting for macroeconomic data updates for short-term profit opportunities. As for versions, both calendars are very active today. The European calendar will see the publication of manufacturing PMIs from Italy, France, Germany and the euro zone, as well as the CPI and the unemployment rate in this zone while the US calendar will publish the basic data on retail sales, the manufacturing PMI and business inventories. Forecasts show mixed results for the EU macro-economic calendar. A consistent result in the EU calendar updates today will lead to a decline in the pair below the threshold of 1.1200, while a positive result will help the couple to recover above from 1.1250. The expected support and resistance for the pair are respectively 1.1210, 1.1175, 1.1150 and 1.1250, 1.1280 and 1.1310.
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