EUR/USD Inches Higher Ahead Of Draghi's Speech
FxGrow | May 29, 2017 07:53AM ET
EUR/USD extended the bullish momentum for the second week, but the pair is showing shy price action with 28-pips for today's session. The pair guarded the 1.1100 level successfully clocking 1.1189 high, still above its 10-EMA D1 at 1.1150 which keep bullish forces intact and on a stand-by motion. Economic calendar is light today except for Draghi appearance shortly. As for U.S Dollar, the Index remains in trouble due to U.S politics negative media especially Trump's overseas meeting with G7, and his refusal to undergo climate change regulations. Add to that, scandals regarding his son of law of Russian connections. As a result, U.S Index currently on a bearish hourly ladder with 97.23 low.
Currently, EUR/USD is trading 1.1188 but it will be within Draghi's hands to either boost the EURO higher or make a tackle with either dovish or hawkish stance. Expectations for higher volatility during the speech.
Fundamentals: Keep an eye on Draghi's speech at 1:00 PM GMT.
Technical Overview
Trend : Bullish / Sideways
Resistance levels: R1 1.1195, R2 1.1227, R3 1.1264
Support levels: S1 1.1169 , S2 1.1145, S3 1.1103
Comment: Overall the market is bullish and holding corrections in tight congestion will hint for a return to rallies to 1.1300. A roll off through 1.1145 could trigger harder retracement selloffs for a few days. However, a close under 1.1103* is needed for a lasting downturn into a correction phase down to 1.1031*. Keep an eye on U.S index levels.
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