Bottom line: The potential for a larger recovery remains while above the 1.16-handle. From a trading standpoint, I’m looking higher for now with an advance towards yearly open resistance to offer more favorable short-entries. Keep in mind that central bank rate decisions over the next few days are likely to fuel increased volatility in the EUR & USD crosses- watch the weekly close.
EUR/USD Weekly Forecast - 11 June - 15 June
Notes: Euro reversed off basic trendline support extending off the 2017 lows late-last month with the pair rallying more than 2.3% ahead of key interest rate decisions over the next two days. The first major resistance hurdle is eyed at 1.1916/25 where the January low converges on the 38.2% retracement of the yearly range and the 52-week moving average. Ultimately a breach above yearly open resistance at 1.2005would be needed to mark resumption of the broader uptrend. Confluence support rests at 1.1606with the next key level of significance down at 1.1448.
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