Monday, September 10, 2018

EUR/USD - 11 September 2018


Fundamental Highlights

The Single currency remains above 1.15 as U.S Dollar bulls fail to prove their optimism following last week's positive NFP report. Additionally, the Euro was able to hold above the key 1.15 following a positive Brexit statement from EU's chief negotiator, Michel Barnier. During yesterday's economic forum in Slovenia, Barnier announced that there are hopes a Brexit deal will be struck in the next two months. For today, the market will set its eye on the ZEW economic sentiment figure from the eurozone which captures the sentiment of European institutional investors and analysts. A better than expected release will set the stage for an optimistic week for the Euro.

Technical Analysis

The pair is trading within the 1.15187 and 1.16633 range as investors await the release of the ZEW economic sentiment figure. A better than expected release will help the currency break above 1.16633 and rise towards 1.17336. However, a disappointment will drive the pair lower in which it will test the 1.15187 level for the third time.

Support: 1.15187 1.14620
Resistance: 1.16633 1.17336

Chart (H4)