EURUSD – At The Crossroads
EURUSD is at interesting crossroads and good time to analyze this pair both technically and fundamentally.
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EURUSD Technical Analysis
Technical analysis of weekly EURUSD chart shows that price failed to break above the trendline and bounced lower from 1. 4265. For price to make new highs it is important for price to break and close above this trendline
On EURUSD daily chart we can see how price failed to close above the resistance level at 1.4250. Price is likely to move lower towards the rising trendline.
EURUSD Fundamental Analysis
Widely expected Interest rate decision from European Central Bank is due to come out on Thursday’s meeting. ECB is likely to raise rates by 25 basis points which currently stands at 1%. Future rate hikes later in the year are also on the cards.
Important point to note here is that EURUSD has already risen fair bit against USD and Yen this year and market seems reluctant in buying more before the ECB meeting.
EURUSD Trading Plan
Look for shorts until trendline and Support at 1.4080. Longs can be taken after price reach 1.4080 or if price close above 1.4250
