Market players are still buying the greenback ahead of the news, and despite European data resulted mildly positive: economic sentiment in the area grew above expected, up to 102.2. Starting in a couple hours, the US will release its second quarter GDP, ADP survey and later in the afternoon the result of the latest FOMC meeting, among others, promising a quite entertaining day for intraday traders.
From a technical point of view, the EUR/USD maintains a strong bearish tone, with the 4 hours chart showing momentum retracing from its midline, 20 SMA capping the upside around 1.3420 and RSI extending below 30. The above mentioned data however can be tricky and mess with technical readings, moreover if it’s not dollar supportive. But if it is, the pair will likely accelerate lower, eyeing in the short term 1.3340/60 price zone but with a final target at 1.3295, November 7th daily low.
A really disappointing result for the US may see the pair advancing, with resistances at 1.3440 and 1.3475: this last however, may attract sellers halting the rally, while the market will choose to settle and enter again in range mode ahead of employment figures on Friday.
View Live Chart for EUR/USD
From a technical point of view, the EUR/USD maintains a strong bearish tone, with the 4 hours chart showing momentum retracing from its midline, 20 SMA capping the upside around 1.3420 and RSI extending below 30. The above mentioned data however can be tricky and mess with technical readings, moreover if it’s not dollar supportive. But if it is, the pair will likely accelerate lower, eyeing in the short term 1.3340/60 price zone but with a final target at 1.3295, November 7th daily low.
A really disappointing result for the US may see the pair advancing, with resistances at 1.3440 and 1.3475: this last however, may attract sellers halting the rally, while the market will choose to settle and enter again in range mode ahead of employment figures on Friday.
View Live Chart for EUR/USD
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