E/U 6 week range (1.1175-1.1375) likely to continue prior to ECB
Major currency pairs and stock indices continue to trade inside the shor term range since many weeks as investors are not getting any clear signal of the current economic scenarios hence in a caution mode ,Euro/Usd trading still inside the 6 week range 1.1175-1.1375 and probably continue for more weeks regardless of the ECB meeting due on this Thursday and rates are likely to remain unchanged . Having said that , a spike to test the 8 th march high around 1.1495 handle is possible during the volatility time ,however an upside break out is very unlikely and heavy selling pressures will force to take this pair to test the major support around 1.1025-1.1125 . On the other hand, if a breakout above 1.1500 handle will lead a way to commence a strong bullish trend for many months .
Trend : Range Bound
Resistance : 1.1375 & 1.1495
Support : 1.1025
Major economic events this week :
Inflation numbers from the US due on Tuesday / Earnings reports of Major US banks and other sectors
European Central Bank Meeting / ECB Press conference due on Thursday / Retail sales & Consumer sentiments from the US as well
Trend : Range Bound
Resistance : 1.1375 & 1.1495
Support : 1.1025
Major economic events this week :
Inflation numbers from the US due on Tuesday / Earnings reports of Major US banks and other sectors
European Central Bank Meeting / ECB Press conference due on Thursday / Retail sales & Consumer sentiments from the US as well
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