The EUR/USD pair trades near the base of its latest range this Monday, bearish as the European agreement on Greece failed to boost the pair beyond the critical resistance at 1.1440. The common currency is being weighed by worse than expected figures in the IFO survey, and broad dollar strength, as the market's attention shifted towards this week FED's Yellen testimony before the Houses.
The technical picture according to the 4 hours chart favors the downside, as the price extends below its 20 SMA and the 200 EMA, both converging around 1.1380, while the technical indicators accelerate south below their midlines. A break below the 1.1300 figure should lead to an approach to the 1.1250 price zone, while a break below this last should trigger stops and see the slide extending down to 1.1200.
To the upside, only above the mentioned 1.1380 area the pair may have a chance to recover, up to mentioned 1.1440, although at this point, spikes should be seen as selling opportunities rather than a confirmation of further recoveries.
View Live Chart for EUR/USD
The technical picture according to the 4 hours chart favors the downside, as the price extends below its 20 SMA and the 200 EMA, both converging around 1.1380, while the technical indicators accelerate south below their midlines. A break below the 1.1300 figure should lead to an approach to the 1.1250 price zone, while a break below this last should trigger stops and see the slide extending down to 1.1200.
To the upside, only above the mentioned 1.1380 area the pair may have a chance to recover, up to mentioned 1.1440, although at this point, spikes should be seen as selling opportunities rather than a confirmation of further recoveries.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD drops below 1.0850, focus shifts to US ISM PMI
EUR/USD is on the defensive below 1.0850 in the European session on Monday. A broad-based US Dollar rebound acts as a headwind to the pair, as attention turns toward the US ISM PMI due later in the American morning.
GBP/USD stays weak near 1.2700 ahead of US ISM PMI
GBP/USD is under moderate selling pressure near 1.2700 in the European trading hours on Monday. A modest US Dollar uptick weighs on the pair, despite an upbeat mood. Investors await the US ISM Manufacturing PMI data for fresh guidance.
Gold rolls over, failing to sustain PCE-related spike
Gold (XAU/USD) slides lower to trade in the $2,320s on Monday as a positive risk-on environment inherited from the Asian session lowers safe-haven demand for the metal.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin’s momentum poise to propel crypto market
Bitcoin price consolidates in a symmetrical triangle pattern, showing directional bias. Ripple also follows BTC’s footsteps as it continues on its 50-day consolidation streak. Ethereum price, on the other hand, shows signs of an incoming correction.
Bumper week of event risk ahead
Featuring two central bank updates – the Bank of Canada and the European Central Bank – a slew of job numbers out of the US and Aussie GDP growth data, the first full week of June is poised to be eventful.