Bull shift towards euro as greenback extends its slump.
“EURUSD braces intraday high, on track to record its second weekly gains.”
Bulls clings onto euro following broad weakness over the greenback and revived optimism towards the eurozone. Although European Commission for Economy commented that EU is entering into a period of economic contraction, ECB President Christine Lagarde noted that its current economic downfall would be minor. On the other hand, greenback extend its pullback as recent comments from Fed officials were less aggressive as compared to prior, mainly due to recent mixed data and depreciation in inflation.
Quick recap on EURUSD
The pair remain skewed towards the upside as previous downturn were short-lived.
EURUSD Weekly Technical Analysis
From weekly perspective, recent price action shows strong buying support from the downside.
EURUSD Daily Technical Analysis
From daily perspective, the pair is expected to extend its upside momentum, if a confirmatory close above 1.0860 was achieved.
Trading Idea
ORDER: BUY STOP
ENTRY: 1.0910
STOP LOSS: 1.0830
Target 1: 1.0990
Target 2: 1.1050
ZFX Analyst’s Comment
The pair remains tilted towards the upside from long-term perspective; thus, a close above nearest resistance level will provide more confirmation.
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