EUR/XXX running to an area of support zone
EUR crosses running to an area of support zone, break down would trigger a downgrade.
After the ECB’s Draghi comments, EURUSD fell sharply but held the support zone. EURGBP was the biggest loser down over 1.50%, followed by EURUSD with 0.80% in this week, so far. The immediate crucial support zone could be found at 1.1300-1.1260, if it breaks focus shifts to November 2018 low at 1.1215.
Ahead of today’s macroeconomic data German Ifo Business Climate, we trade between 1.1260-1.1335. Overall, the price action has struck in a narrow range of 1.1400-1.1260 and requires a significant range breakout through 1.1425 for the next leg of the rally.
Today in Asia session, the price hit a session low of 1.1300. The daily RSI is parked below the 50 equilibrium but the oscillator is extremely bearish, hence setting is mixed.
• For bulls, as long as 1.1215 is supporting (Friday closing basis) look for 1.1350 and 1.1400 initially.
• For bears, close below 1.1215 means 1.1100 and 1.1000 is coming.
Here are the Key support and resistance for EUR crosses:
http://www.keytomarkets.com/blog/blog/ktm-fx-daily-eur-crosses-running-to-an-area-of-support-zone-gold-insights/
After the ECB’s Draghi comments, EURUSD fell sharply but held the support zone. EURGBP was the biggest loser down over 1.50%, followed by EURUSD with 0.80% in this week, so far. The immediate crucial support zone could be found at 1.1300-1.1260, if it breaks focus shifts to November 2018 low at 1.1215.
Ahead of today’s macroeconomic data German Ifo Business Climate, we trade between 1.1260-1.1335. Overall, the price action has struck in a narrow range of 1.1400-1.1260 and requires a significant range breakout through 1.1425 for the next leg of the rally.
Today in Asia session, the price hit a session low of 1.1300. The daily RSI is parked below the 50 equilibrium but the oscillator is extremely bearish, hence setting is mixed.
• For bulls, as long as 1.1215 is supporting (Friday closing basis) look for 1.1350 and 1.1400 initially.
• For bears, close below 1.1215 means 1.1100 and 1.1000 is coming.
Here are the Key support and resistance for EUR crosses:
http://www.keytomarkets.com/blog/blog/ktm-fx-daily-eur-crosses-running-to-an-area-of-support-zone-gold-insights/
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