EUR/USD dipped on Morning trading session to 1.1976 flirting with 10-EMA (1.1980) successfully with a re-bounce after four consolidation sessions last week. The pair received a positive Retail Sales in Eurozone at 1.5% while expectations were at 1.4% which should keep EUR bulls in action. On the other hand, the U.S Dollar is showing signs of recovery after surging to $92.02 high today adding more pressure on EUR/USD. Currently, the pair is trading 1.2002 intraday.
With absence of strong fundamentals today, eyes will be shifted towards FOMC members as they cross wires today in the afternoon. Both Bostic and Williams with expectations that comments from Williams will have more weight considering the occasion and the topic.
EUR/USD Technical Overview:
Closing price: 1.2041
Target price: 1.2100
Resistance levels: 1.2065, 1.2100, 1.2150
Support levels: 1.2000 , 1.1980 (10-EMA) , 1.1900
Trend: Sideways / Up
Trend reversal price: 1.1945
Comment: The short term trend is up and pressing rallies give bull signals for a run to 1.2100+. A close over 1.2150 is bullish. A roll off from last week's congestion alerts for 2-4 days of retracements / defensive congestion. However, only a close under 1.1945 marks a short term reversing downturn.