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Wednesday, 22 June 2016

EUR/USD: Bulls back in control, 1.1300 on sight


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Having bounced-off close to a hundred-DMA support earlier on the day, the EUR/USD pair maintains to push higher towards 1.1300 stage amid decreased call for for the greenback throughout the board.

EUR/USD looking to check key resistance at 1.1298/1.1300

currently, EUR/USD now gains +zero.22% to alternate at 1.1266, soaring within a placing distance of session tops published at 1.1270 inside the ultimate. the main forex pair caught a bid wave in early Asia and now extends north as markets maintain to wish that Britain will vote to stay in the european Union (eu).

moreover, the recent vertical rise inside the German bund yields amid fading Brexit concerns also continue to be the important thing catalyst helping the recovery inside the EUR/USD, after booking sharp losses a day before.

On Tuesday, EUR/USD dropped sharply to 100-DMA assist as buyers took profits from this week's rally beforehand of the ecu referendum scheduled day after today. in the period in-between, markets will stay up for the imminent US macro information and round 2 of Yellen’s testimony for sparkling cues at the USD movements.

EUR/USD Technical degrees            

In phrases of technicals, the pair reveals the immediately resistance 1.1291/ninety eight (5 & 50-DMA). A wreck beyond the remaining, doorways will open for a check of one.1350 (psychological stages). on the turn side, the immediate assist is positioned at 1.1244/37 (a hundred-DMA/ daily low) underneath which at 1.1200 (spherical range) may be examined.