The #EURUSD price is at a major support of 1.1200 which could see buyers step back in however the market is in a strong downward trend. What does this mean for the EURUSD price?
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The EURUSD price could go either way this week as the price is retesting the major 1.1200 level. In the news this week we have an interest rate decision from the ECB which should see the central bank leave rates unchanged. They could comment on the rising inflation rate however the last time they spoke they remained neutral due to the risk of Covid -19. In US news we see Non-Farm Payroll numbers which are forecast to come in lower than previous but the Fed did say that this was likely but wages could grow. That could be a positive for the USD at the end of the week.
The price is currently trading above the 1.1200 at the moment which was to be expected as the price moved so aggressively the previous week. When this happens the price is likely to pull back in the next week. However, the 4hr time frame is showing the price is still in a bearish trend and at a key resistance zone. The key will be in watching the lower time frames, if we see a bearish trend form we could see the price move lower to test the 1.1200 level.
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