The price of EURUSD could be heading to the key resistance of 1.1000. But what will drive prices there?
Watch the video to learn more…
Forex Chart Of The Day: EURUSD Buyers Targeting 1.1000.
The price of EURUSD could be heading higher into the 1.1000 level by the end of this week. The focus going into tomorrow’s forex trading session is the US CORE PCE Price Index. Expectations and forecasts show this data should come in below previous figures, this would back the Federal Reserve decision to hike at a slower pace. If however, the price figures come in higher than expected we should see USD strength, as the Fed will have to hike more aggressively. Either way this data tomorrow will add volatility and volume into the market.
Looking at the chart we can see that the price of EURUSD is heading towards the key resistance level of 1.1000. If the news drives prices into this level we could see some strong selling pressure. This is because the price fell over 500 pips from this level previously. Alternatively, if the price falls we could expect the price to move back towards the lows of 1.0500.
The price on the chart has traded through multiple technical levels and some observations included:
- The price broke down through a bullish channel support and found support at 1.0500.
- Price has rallied since then with buyers looking to target the next level of resistance at 1.1000.
- If prices reach this level we could see some strong selling pressure in the short term.
Have you watched our USDJPY analysis? You can see it here.
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