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EURUSD analysis 13 June 2017

EURUSD analysis 13 June 2017

 

The pair continued its decline yesterday s for the fourth session in a row on the background of the European Central Bank meeting and the statement of the bank, which made expectations to take a decision to reduce the European benefit very high.

The comments made by ECB President Mario Draghi were cautious, causing the EUR to weaken against the USD and not succeeding in maintaining its consolidation but at the same time the pair remained in the same range as it has since 22 May between 1.1280 and 1.1155.

Markets are waiting for tomorrow's Fed meeting and US interest rate on expectations of a 25 basis point increase from 1.00% to 1.25% next to inflation data.

The ZEW Economic Sentiment will be released today, the market forecast is 37.2 versus the previous reading of 35.1 and the German ZEW Economic Sentiment Index is expected to record 21.6 versus 20.6.

Technically

Staying below 1.1200 will make the pair decline towards 1.1155 level and if this level is breached it could extend towards 1.1100 and if this level is breached it might continue to fall towards 1.1050

In the case of a rise above 1.1200 it may continue towards 1.1245 and if it succeeds in breaching this level, the rise may extend to 1.1280 and then 1.1310.

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