EUR/USD Daily Forecast - 12 June

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Tuesday, Jun 12 2018

EUR/USD Daily Forecast - 12 June

I had a bullish bias yesterday which did not work out very well. The Dollar rose a little and the Euro did not manage to compete, with the price falling below the highest support level at 1.1792 which has now been invalidated. However, the price does seem to be basing in the area below 1.1750 with a cluster of support in that area and may be making a double bottom close to 1.1732.

I do not see this pair as technically ready to fall yet. The market will now focus on the aftermath of the Trump/Kim summit, which appears so far to have had negligible impact, and probably more importantly U.S. inflation data due later. If the data is unusually high it might push the price down faster, although I think weaker than expected inflation would be more strongly expressed in a rise from the 1.1750 area. I have no bias and expect today’s move will be driven largely by this inflation data.

More in this category: « AUD/USD Daily Forecast - 11 June GBP/USD Daily Forecast - 13 June »

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