The markets are all about oil and stocks this Monday, as the Sunday meeting of worldwide oil producers resulted a fiasco. The commodity plummeted with the weekly opening, leading to a negative opening in local share markets, which gave a temporal boost to the EUR/USD pair, up to 1.1309 with the European opening.
View the Live chart of the EUR/USD
Later on today, Dudley and Rosengren from the US FED will be on the wires, and there are no relevant macroeconomic figures scheduled for today.
However, the pair remains confined to a tight range below the 23.6% retracement of the latest bullish run between 1.0821 and 1.1464, around 1.1310. The 4 hours chart shows that the price is holding above a 20 SMA, whilst the technical indicators present bullish slopes within positive territory, indicating the pair may broke higher and recover further.
An upward acceleration beyond the mentioned 1.1310 region should see the pair advancing up to 1.1340, and only above this last the bullish case will become clearer, with the pair then poised to retest the 1.1400 region. The immediate support is 1.1260, followed by 1.1220, the 38.2% retracement of the same rally and the level to break to confirm a bearish continuation towards the 1.1120/60 price zone.
Latest updates on the EUR/USD Forecast
View the Live chart of the EUR/USD
Later on today, Dudley and Rosengren from the US FED will be on the wires, and there are no relevant macroeconomic figures scheduled for today.
However, the pair remains confined to a tight range below the 23.6% retracement of the latest bullish run between 1.0821 and 1.1464, around 1.1310. The 4 hours chart shows that the price is holding above a 20 SMA, whilst the technical indicators present bullish slopes within positive territory, indicating the pair may broke higher and recover further.
An upward acceleration beyond the mentioned 1.1310 region should see the pair advancing up to 1.1340, and only above this last the bullish case will become clearer, with the pair then poised to retest the 1.1400 region. The immediate support is 1.1260, followed by 1.1220, the 38.2% retracement of the same rally and the level to break to confirm a bearish continuation towards the 1.1120/60 price zone.
Latest updates on the EUR/USD Forecast
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