EUR/USD has been quite bullish recently after bouncing off the 1.13 support area which is expected to retrace for a short period of time before pushing lower with the bearish trend in the coming days. EURO has been quite positive with the recent economic reports which helped the currency to gain more momentum against USD recently.
EURO has been struggling with the recent Trade War and BREXIT tensions which lead to consistent bearish pressure in the pair. Today EURO German PPI report is going to be published which is expected to increase to 0.4% from the previous value of 0.3% and German Buba Monthly Report is also going to be published which is expected to have a neutral impact on the market today. Ahead of series of economic reports to be published this week, EURO is expected to have volatile momentum in the market.
On the other hand, this week USD FOMC Meeting Minutes and FED Chair Powell is going to speak which is expected to inject volatility in the pair. Though there are certain assumptions that due to US Tariff, the economy is going to suffer a lot in the future, USD is still going strong in the market. Today FOMC Member Bostic is going to speak about the upcoming interest rate decisions and monetary policies which are expected to add to the USD gains in the coming days ahead of high impact economic events this week.
As of the current scenario, EUR having no strong economic report or event to be held this week is expected to continue its struggle to gain momentum against USD whereas any positive outcome of the USD events is expected to help regain momentum in the coming days.
Now let us look at the technical view. The price has been quite strong with the bullish gains recently which is expected to push towards 1.15 price area where the dynamic levels like 20 EMA, Tenkan and Kijun line rests. The trend is still bearish for which the price is expected to reject off the 1.15 area with a daily close before pushing lower with the trend in the coming days. As the price remains below 1.17 with a daily close, the bearish bias is expected to continue further.
SUPPORT: 1.1300, 1.1150
RESISTANCE: 1.15, 1.17
BIAS: BEARISH
MOMENTUM: VOLATILE
