EUR/USD Forecast: dollar bulls trying to come back
EUR/USD back above 1.1500 after Trump's comments
The EUR/USD is trading above 1.1500 as the USD resumes its slide. Trump's criticism of the Fed for its higher rates on Monday still weighs. A recovery attempt did not go very far.
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EUR/USD poised to remain under pressure, 1.1000 now at sight
The common currency trimmed its weekly losses against the greenback, but remained depressed for a fourth consecutive week, bouncing from a fresh yearly low of 1.1300. Dollar's decline seems a due correction as longs are overcrowded, but absent EUR demand kept the upside in check. Fear and uncertainty were again the main market motors, despite some positive headlines that should have averted it.
The EUR/USD
The Technical Confluences Indicator shows that the pair has strong support at 1.1490 where we see the convergence of the Pivot Point one-week Resistance 1, the four-hour low, and the one-day high.
If the pair loses this level, the next cushion is at 1.1454 where we see the confluence of the Simple Moving Average 10-4h, the SMA 10-one-day, and the potent Fibonacci 38.2% one-day.
On the topside, the pair has resistance at around 1.1545 where we see the congestion of the Pivot Point one-week R2, the one-hour high, the four-hour high, the PP one-day R2, and the Bolinger Band 15m-Upper. This could limit any upside.
In case the pair does break higher, 1.1581 is the confluence of the PP one-month Support 1 and the SMA 200-4h
