EURUSD Analysis: Tries to bypass 1.1603
|Despite that American and Chinese companies signed deals worth $253.4B over the last two days, the currency exchange rate stayed neutral. Most probably such hesitations, which result in relentless attempts of the pair to break through resistance area near the 1.6003 level, are related to concerns that Trump's tax reform could be delayed. On the one hand, it looks like the surge should be neutralized, as that zone is additionally secured by the 100-hour SMA. On the other hand, yesterday's movement points out formation of a new minor ascending channel, which already consists of three reaction lows. From this perspective, the exchange rate is likely to climb to the next resistance level located between the 200-hour SMA at 1.1621 and the weekly PP at 1.1631.
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