EUR/USD headed to 1.1950 ahead of EZ trade data?
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Having found strong support just ahead of 1.19 handle, the EUR/USD pair made another attempt to take-out the key resistance placed at 1.1930, the confluence zone of 5 and 10-DMA.
EUR/USD refreshes daily tops near 1.1930
The spot regained momentum over the last hours, bouncing-back towards the mid-point of 1.19 handle, with intensifying risk-off trades, as the European traders hit their desks and react negatively to the North Korean missile launch news.
The renewed risk-aversion wave drives the US rates deeper into the red, stalling a tepid recovery staged by the US dollar against its major peers. Moreover, the low-yielding currencies such as the Euro tends to benefit during market unrest and panic.
Markets now look forward to the Eurozone trade balance data for some impetus ahead of the key US retail sales and industrial figures, especially after yesterday solid US CPI data, which lifted the Fed rate hike expectations for this year.
EUR/USD Technical Set-up
AceTrader Team explained: “Euro's anticipated strong rebound from yesterday's 2-week trough at 1.1839 to 1.1924 at Asian open today signals 1st leg of correction from last Fri's fresh 30-month peak at 1.2093 has ended and several days of 'choppy' consolidation is seen with near term upside bias, however, reckon 1.2065/70 should cap present rise. On the downside, only below 1.1867 suggests correction from 1.0839 is over and risks one more fall towards next daily chart objective at 1.1824.”
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