Performance for the Day
The immediate resistance to the current bullish run for the EURUSD pair price is at the 1.16250 area as DXY weakens and retreats further away from the year’s high at 95.50 area. The common currency pair did a 50-pip jump earlier today as U.S and China trade war tension eases.
However, the 4hr 200 period moving average is currently at the 1.1661 area and may serve as a solid resistance to price as the current bullish run gathers more momentum for the EURUSD pair. As at the time of writing this post, EURUSD price is at the 1.1598 level.
Next on the economic calendar is EU Economic Bulletin Report and U.S Initial Jobless Claims data all due on Thursday.
Trade Levels to Watch
A strong break above the 1.1625 area will signal more bullish correction of the pair to the 1.1661 area. A break below the 1.1550 level will signal a bearish move of the pair to the 1.1515 area.
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