At the time of writing this forecast the pair EURUSD is currently trading above major moving averages 50, 100 & 200. This indicates strength for the pair. On Wednesday 19th June 2019 FOMC left the rates unchanged however indicated that a possible rate cut is near , since then EURUSD moved up more than 50 pips to today reaching a current high of 1.13213.
The pair is still showing strength aiming to move further up if the pair breaks above the resistance level 1.13405.
We expect the pair to continue higher today and next week if the pair achieves a break above today’s resistance level at 1.13213. On the contrary, we would be looking to go short if the pair drops below the support level of the day 1.12837 aiming towards 50 Moving Average at level 1.12784.
RESISTANCE LEVEL: 1.13405
SUPPORT LEVEL: 1.12837
*Analysis based on the Hourly Chart
To see the technical chart please click here: EURUSD Technical Analysis
