EUR/USD is consolidating regarding the 1.1280 area regarding Tuesday, ahead of the German/EMU ZEW Survey due detached.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair has faltered at the 1.1380/87 resistance (4th June high) and our position remains asexual to negative. The unventilated term risk nevertheless remains for failure and a slide to the 1.1052 pivot subsequently the 1.0845/19.
Furthermore, analysts at UOB Group noted While EUR rebounded as conventional, the initial dip was shallower than anticipated. The occurring-have emotional impact from the low is viewed as portion of a broad sideway trading range and not the launch of a sustained taking place-adjust. From here, say for a difficulty to 1.1315/20 but 1.1360 is avowed to hat for a draw-facilitate to 1.1235/40.
Likewise today we can see a bull leading the market, the market force driving the Euro against the dollar is giving rise to a bullish like trend according to technical analysis every pips been driven in the upward direction as been enforced by Support and Resistance, let look at the indicator below.
WATCH Entry Spot 1.12194
Exit Spot 1.12459
Stop Loss 1.12000
Indicator BUY
From the indicator above we can see that the Support and Resistance level is a key role in the determination of the next line of action of the market.
