EUR/USD to suffer a corrective decline on a break below 1.2150
|EUR/USD surged to 1.2176, its highest since February, and was last seen hovering around 1.2160. The pair is still bullish but a corrective decline is on the cards, Valeria Bednarik, Chief Analyst at FXStreet, reports.
Immediate support at 1.2150
“The EU published May Sentix Investor Confidence, which surged to 21 from 13.1, largely surpassing the expected 14. The US calendar will be quite light, as the country will only publish the ISM-NY Business Conditions Index, foreseen at 29.5 from 37.2 previously.”
“The EUR/USD pair seems poised to extend its advance despite overbought conditions in the near-term.”
“From a technical point of view, the pair retains its bullish stance, although a corrective decline is not out of the table.”
“The former high at 1.2149 is the immediate support level, with a break below it exposing the 1.2100/10 region.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.