Performance for the Day

Last week, the market closed at the 1.1656 area on a positive note for EURUSD. The common currency was boosted on Friday by better than expected Eurozone Markit PMI data.  Price is expected to bounce to the 1.1715 area any time soon as the bullish momentum is expected to increase this week.

However, the 1.1500 psychological area is gradually becoming a strong support for the currency pair as it could not be easily breached by the Bears in the last four weeks. A wider range 1.1851 – 1.1507 appears to be forming as well on the daily chart as well.

The main focus tomorrow will be the German IFO data and U.S New Home Sales data on the macroeconomic calendar.

Trade Levels to Watch

A strong break above the 1.1715 level will signal more bullish correction of the pair to the 1.1822 area. A strong break below the 1.1585 area will signal a bearish move of the pair to the 1.1507 area.

1.1715 area

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