EUR/USD is still trading within yesterday range and has added only 5-pips on Wednesday's Asian trading session after clocking 1.2411 high.
Technically, price remains in an ascending daily and H4 time frame. At the moment, EUR/USD is trading 1.2407 with a close above 1.1410-15 at H4 will force EUR bulls to challenge 1.12440-50 as first target. As for intraday price action behavior, we see further upside action as hours to come. On the other hand, the DXY broke the descending H4 which supports EUR/USD bulls. As for corrections, price should find rebounds at 1.2370-50 (daily -EMA + Fib 50).
Fundamentally, eyes will be focused first on Draghi speech shortly, and on NY opening session Retail Sales with expectations for 0.3% compared to -.03% in February which confirms that the U.S. economy is overheating. Also, Producer Price Index will be released on the same time, but consensus reads a 0.1% print compared to 0.4% previously. Any readings above 0.1% for PPI will be considered hawkish for the U.S. Index which is still wallowing after yesterday's shocking Tillerson resignation. We are looking forward on how market will trade EUR/USD between Draghi's comments and U.S. data release and all scenarios are opened.
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.