The Graph above shows the steady interruption on the rise of the pair, if we look correctly at the graph the resistance is breaking out at a successive rate making the market quite predictable following the emergence of a strong support, however the vulnerable nature of the resistance will give birth to a stronger Resistance in the next few hours hoping to drag the market down to 1.11 and then bull to 1.12 again.
WATCH:- Entry spot 1.123
Exit spot 1.110
Stop loss 1.140
Indicator Sell
NEWS ON EUR/USD
The chairman of Eurozone finance ministers said a cash-for-reform arrangement taking into account Athens was yet practicable in period for their June 18 meeting, behind just a few issues permanent to be solved, but Greek counter-proposals were not yet okay. The leaders of Germany and France very subsequent to Greek Prime Minister Alexis Tsipras concerning Wednesday that negotiations between Greece and its creditors must be intensified to achieve a malleability. Without releasing light cash by the expand less of this month, Greece is heading for a default, by now argumentative repercussion for its economy and the risk of sliding out of the Eurozone.
The World Bank lowered the totaling turn of view for the United States to 2.7% this year, from 3.2%% in January, and to 2.8% neighboring year, from a previous forecast of 3%. Kaushik Basu, the World Bank's chief economist, said the Federal Reserve should preserve off concerning a rate hike until as well as-door year to avoid worsening disagreement rate volatility and crimping global entire quantity.
The EUR/USD is falling ahead of todays US retail sales data (12:30 GMT). We expect a sound reading and there is a substantial risk that the EUR/USD will halt out cold the raised decrease-loss of our long approach. But we have already locked in profit upon this tilt opened at 1.1100. We are waiting for US retail sales data now that will set the giving out ahead of following weeks FOMC meeting.
