The Common currency falls as traders rush towards purchasing the safe haven U.S Dollar. On Friday, demand for the U.S Dollar increased after Bloomberg reported that President Trump is looking to proceed with his additionally proposed $200 billion tariffs on China, signaling that the recent trade talks between the two nations have not been going as well as the market expected. Fro today, the main driver of the pair will continue to be the trade war developments between the U.S and China, however, investors need to also keep an eye on today's economic release of the EU CPI figure.
Following the Bloomberg report, the pair was able to retreat back down towards the 1.16209 support level. Depending on how things develop regarding the trade tensions between the U.S and China, the pair will will either continue pushing downwards by breaking the 1.16161 level which exposed the 1.15405 level, or break upwards by breaking the 1.16633 level exposing the 1.17500 level.
Support: 1.16161 1.15405
Resistance: 1.16633 1.17500