EURUSD: Selling Pressure Remains. Major support has been broken
EURUSD broke the key structures at 1.12200 and 1.11800.
One more time:
- Diverging monetary policies of central banks
- Slowing growth in Eurozone
- Upcoming EU Parliament Elections
- Italy Budget Issue
- Trade wars concerns via Boening vs Airbus
- Political Turmoil
They all add weight on the EURO.
German 10-year bond yield has again dropped below zero.The 10-year treasury yield has also dropped nearly 10 basis points in the last ten days and may continue to lose ground as most major central banks have recently adopted dovish stance.
The US Dollar is still the strongest currency in the means of interest rates and macroeconomic figures of the country.
1.12000 support becomes resistance.
On the smaller time frames, we have a bullish crab pattern and we may see a minor retracement towards 1.11800-1.12000.
The U.S Durable Good Orders and Initial Jobless Claims data will be released today. Tomorrow we will have the U.S GDP Q1.
A better than expected data will send the pair 1.11000- 1.10800.
An emerging deep crab pattern would be completed at 1.10900. A deeper technical correction can be seen at 1.10900.
Pullbacks towards 1.11800 can be used as a selling opportunity targeting 1.11200 and 1.10900.
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