EURUSD Forecast: Draghi and Brexit on Focus
Asia Markets opened with concerns over the US-China trade issue resurfaced amid the resumption of the high-level talks between the US and Chinese officials. Safe Haven assests such as Yen gain weight.
Economic calendar is very thing and market players will be focused on Mario Draghi’s speech due at 0830 GMT. Another driver of the pair is Brexit news. Potential positive Brexit news would drive the pair higher shortter term.
EURUSD is trading below 1.13500 resistance. Only a clear break above 1.13500 could lead the price 1.14100 – 1.14300 region.
As seen on the H4 Chart, the pair has been trading in a descending channel last 2 weeks. And even the shorter term trend is still bearish.
We may see a Friday’s classic and the pair may test 1.14100 – Profit Taking of the weekend -.
Now we are in a no trade zone , a clear break above 1.13560 can be used as long opportunity targeting 1.14100 – 1.14300 key resistance.
We keep our bearish sentiment midterm.
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