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Currency
by FXOpen on June 21, 2019

EUR/USD outlook: the price is currently consolidating near 1.1300

Yesterday, the Euro raised from 1.1250 to 1.1315 against the dollar. Today, the EUR/USD pair was trading steadily, and on Friday it remained almost unchanged, trying to stick to the level of 1.1300. Investors are responding to the Fed’s position, as markets are already expecting interest rate cuts in July. On the other hand, the European Central Bank is also ready to step up its incentive, as some analysts believe that negative ECB rates may adversely affect the common currency rate.

EUR/USD technical analysis

The Euro started a decent upward move after it broke the 1.1200 resistance area against the US Dollar. The EUR/USD pair even broke the 1.1250 resistance area to move into a positive zone.

EURUSD-Chart

There was a lot of strength, resulting in a close above 1.1280 and the 50 hourly simple moving average. A new weekly high was formed near 1.1315 and the pair recently corrected lower.

The pair remained well bid on the downside and it is currently consolidating near 1.1300. There is a breakout pattern forming with resistance near 1.1310 on the hourly chart. If there is an upside break, the pair could rally further above 1.1320 and 1.1340.

Conversely, if there is a downside break, EUR/USD might correct below the 1.1280 support. The next key support is near the 1.1250 level, where buyers are likely to appear.

By FXOpen

FXOpen is a Forex and Cryptocurrency broker founded in 2005 by a group of traders. With over 10 years of experience, the company has established itself as a major Forex broker that continues to expand rapidly across the globe. FXOpen offers the MT4 and MT5 Forex trading platform with a wide range of trading instruments including 100+ FX, CFDs, Indices and Cryptocurrency markets. FXOpen also provides its own PAMM technology allowing clients to benefit from the strategies of professional traders with a proven track record of successful trading. The FXOpen Group also includes the ASIC regulated FXOpen AU in Perth Australia and the London-based FXOpen UK that is regulated by the FCA.

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