In Forex market, Euro is traded against USD. This pair is majorly traded. This pair is major drives from ECB and FED. There statements cause volatility in EURUSD pair.
- Moved below 14-day Moving Average
- Expected to go till 1.2078
- RSI moving down
- Downtrend Expected
- The range will between 1.2000 -1.2400 in Long-term
- Fed speaker will speak whose words hawking view about the rate will give support to USD which will be bearish for EURUSD
- Positive Earnings in Us market overshadowed Euro and made USD strong
- Worse German PPI figures led to the downfall of Euro
- Draghi comments on Inflation on Friday made it recover from Low of 1.2250
Our Short-term view for next week remains bearish up to 1.2150 it can face major support on 1.2168 One can sell with the stop loss of 1.2338
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