It shows that EURUSD is ranging from last few weeks. It is moving within a range of 250pips but it’s not making any good move in any direction. According to weekly chart the bias is still bearish. There is a short term support at 1.0710. For further bearish movement the price needs to break this support. If the price can break this support successfully then we can see the continuation of bearish move toward the target of 1.0510.But the scenario will be invalid if the price break the level of 1.0990 and that time the price has chance to take a bullish move toward 1.110 and 1.1200.

There are some important fundamental issues on this week on euro including ECB president speaks with some important issue that will indicate further EURO strength. Also there is FOMC statement on this week that will also show the strength on USD.

daily forex signal

 

Menu