EUR/USD ended flat for the week at 1.1600 handle

[shivohum2015]

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Technical Levels to Watch

In the daily chart of EUR/USD, the price remained below a bearish 20 DMA, which gained bearish traction after breaking below the 100 DMA, while technical indicators resumed their declines after a modest upward correction within negative territory. October low at 1.1574 is still the key support, with a break below it exposing the 1.1460 region for the upcoming week. The level will be quite hard to break without a macroeconomic catalyst, and the calendar for next week has little to offer on that side. Resistances, in the case of a recovery, are located at the mentioned 1.1660/70 region, ahead of 1.1745.

J P Morgan has further added that "They are seeing four numbers of rate hike in 2018 instead of three". December rate hike still on the card for USD. So all these factors may weigh further on EUR/USD and the price action at the moment is well supportive of that view.

Exchange rate is not a policy target for the ECB
ECB - COEURE .

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Thank You & Have a Great Day

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Comments

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