EUR/USD Analysis: Could reverse north
EUR/USD pressured around 1.1200 amid dovish ECB comments
EUR/USD is trading around 1.1200 after ECB officials expressed concern about global growth President Draghi will speak later. Tension is rising toward the Fed decision after US retail sales surprised on Friday.
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Below the current price, the first level of support is at $8,820 (price congestion support), then the second at $8,450 (price congestion support). The third level of support for the BTC/USD pair is at $8,150, the confluence level of price congestion support and the trend line that serves as the roof of the long term downstream channel.
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Better-than-expected US data gave the greenback a lift at the end of the week
The EUR/USD pair started the week losing the positive momentum triggered by a dismal US Nonfarm Payroll report Friday, retreating from the fresh over two-month high of 1.1347. A tweet from US President Trump over the weekend, indicating that the country and Mexico reached a deal and that he would not apply tariffs to Mexican imports, brought some relief to the financial world and the greenback.
EUR/USD has been losing ground after US retail sales came out above expectations on Friday and expectations for the Fed decision have moderated. The world's most-currency pair is currently trading marginally off the lows but has not gone too far.
The Technical Confluences Indicator shows that EUR/USD faces strong resistance at 1.1258 which is the convergence of the Pivot Point one-month Resistance 1, the Fibonacci 61.8% one-day, and the Fibonacci 38.2% one-week.
If is backed up by another cap – at 1.1240 where we see the Fibonacci 38.2% one-day, the Fibonacci 23.6% one-week, and the Simple Moving Average 100-15m meet up.
Support awaits at 1.1205 which is the confluence of the previous daily low and the Fibonacci 61.8% one-month.
