The EUR/USD pair trades a few pips below Thursday's high, following German the IFO business confidence survey release, at 108.5 in May, below April reading but above expected. ECB's Draghi spoke at the central banking forum in Portugal, and authorities for all over the world are scheduled to speak sometime today, with investors looking for clues on upcoming economic policy decisions. Nevertheless, Draghi said nothing new in the welcome speech of the forum.
Technically, the 4 hours chart shows that the price has advanced above a strongly bearish 20 SMA, whilst the technical indicators have extended their advance above their mid-lines, presenting a tepid bullish tone at the time being. The American dollar is generally lower across the board, which means additional intraday advances can be expected should the price advance above 1.1180, towards the 1.1230/50 region, where sellers are expected to surge.
The immediate support stands at 1.1120, with a downward acceleration below it required to see the bearish movement extending towards the critical support around 1.1050.
View live chart of the EUR/USD
Technically, the 4 hours chart shows that the price has advanced above a strongly bearish 20 SMA, whilst the technical indicators have extended their advance above their mid-lines, presenting a tepid bullish tone at the time being. The American dollar is generally lower across the board, which means additional intraday advances can be expected should the price advance above 1.1180, towards the 1.1230/50 region, where sellers are expected to surge.
The immediate support stands at 1.1120, with a downward acceleration below it required to see the bearish movement extending towards the critical support around 1.1050.
View live chart of the EUR/USD
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