The Euro bounced towards our 1.1280 resistance level where price immediately met with sellers on the back of the better-than-expected US housing data, pushing the pair below the 50-period SMA. Interestingly, the US Dollar held its ground despite the upbeat China manufacturing PMI and the risk-on overnight rally in equities, signaling a potential USD bullish move might be on its way. Traders will focus on the US Consumer Confidence figure and also Fed’s Powell testimony for any fresh momentum.

Support: 1.1195 / 1.1170
Resistance:
1.1280 / 1.1345

Risk Warning: 56.82% of retail CFD accounts lose money

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Disclaimer: This information is only for educational purposes and is not an investment recommendation. The information here has been created by SquaredFinancial. All examples and analysis used herein are of the personal opinions of SquaredFinancial. All examples and analysis are intended for these purposes and should not be considered as specific investment advice. The risk of loss in trading securities, options, futures, and forex can be substantial. Customers must consider all relevant risk factors including their own personal financial situation before trading.