EUR/USD analysis: shallow correction didn't affect the dominant bearish trend
When is the RBA Meeting Minutes release, and how could it affect the AUD/USD?
The Reserve Bank of Australia (RBA) is due to drop the latest release of their Meeting Minutes, a close-up look at the central bank's internal discussions heading into the most recent rate call that saw the RBA remain on hold on interest rates.
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ECB President Mario Draghi delivers the opening remarks by the at the ECB Forum on Central Banking in Sintra, Portugal at 19:00 GMT.
Federal Reserve Bank of New York President John Williams is expected to deliver closing remarks on at a conference on banking culture, hosted by the Federal Reserve Bank of New York at 21:00 GMT.
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A hawkish Fed and a dovish ECB made the EUR/USD pair collapse toward weekly lows
What a week! Things moved in slow motion until Thursday across the FX board, but intense headlines kept coming pretty much since the week started. The dollar refused to surge despite encouraging local data, as speculative interest wanted to asses all the first-tier events before making up their minds one way or the other.
The EUR/USD is still licking its wounds from the one-two punch dealt by Draghi and Powell last week but may have a hard time to recover.
The Technical Confluences Indicator shows that the 1.1596 is a dense cluster of resistance lines, the Bolinger Band 15m-Middle, the Simple Moving Average 10-4h, the SMA 10-15m, the SMA 5-15m, the Fibonacci 38.2% one-day, and the Bolinger Band 15m-Upper.
Should the pair overcome this level, 1.1650 poses the next challenge as it is the convergence of the potent Fibonacci 23.6% one-month and the Pivot Point one-day Resistance 1. The most significant resistance line is at 1.1729 which is the confluence of the SMA 10-one-day, the Pivot Point one-day Resistance 3, and the Fibonacci 38.2% one-month.
