Although the currency pair was not able to
test the important support level at 1.1068, the sentiment remains
negative and a test of 1.1068 is expected. If it doesn't hold, the
negative momentum would increase and a test of the next major support
level at 1.0980 would be on the map. On the positive side, reversing
back above 1.1130 would help rule out the negative sentiment.
Volatility should be expected today at 10:00 GMT when ZEW Economic
Sentiment will be released.
After a brief correction the price managed
to stay above the support level at 109.70, with expectations remaining
on the positive side for a test of the next resistance at 110.60. In a
downward direction, the first major support is at 109.70.
After a quick test of the support zone at
1.2959, the price bounced back towards 1.3000 level. If the currency
pair manages to hold above the 1.3000 zone, the expectations would be
for a test of the resistance level at 1.3120. However, the current
consolidation from the bigger time frames would be over once we see a
movement above 1.3200 or levels below 1.2920. Today market participants
will keep a close eye on the unemployment numbers in the UK as they
might give them hints about the future policy of the Bank of England.
The German Index almost managed to reach a
new all-time high, going above the resistance level at 13540 up to
13577. However, the price couldn't hold these levels and returned below
13540. The sentiment remains positive, but the bulls would need to gain
additional momentum in order to successfully break through the
resistance level at 13540. On the downside, there are solid supports
all the way down to 13380 which if broken would mark a change of the
The price is stable above 29050 even after
a small correction from its all-time high. The US30 is still above
29200 with a very positive sentiment and expectations for new highs
soon. On the negative side, only a breakthrough of the support level at
28730 would signal that bears are stepping.
Where will the market go?
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