EUR/USD: IF NOT ABLE TO SUSTAIN A BREAK OF 1.1300 LEVEL..MORE CORRECTION EXPECTED...!!!

EUR/USD is trading below the  1.1300 in a quiet trading session on the back of the US holiday. The pair did witness a short jump in reaction to disappointing US  ADB data - showing that private-sector employers added less-than-expected 102K new jobs in June while the ISM non-manufacturing PMI fell to 55.1 as compared to 55.9 expected and 56.9 previous.The pair also came under more pressure in the wake of increasing bets that the European Central Bank (ECB) will also cut interest rates to bolster the region's economy. With the news circulating  that IMF Director Christine Lagarde - seen  as a policy dove, has been nominated to be the next European Central Bank President took the German bund yields to record lows and affected negatively on the common currency. From a technical perspective, the 1.1310-20 region now seems to have emerged as an immediate strong resistance, Immediate support is pegged near the 1.1275-70 region . Which if broken might turn the pair vulnerable to head back towards challenging the 1.1200 round figure mark with some intermediate support near the 1.1235 area. Meanwhile, liquidity is likely to remain thin on the back of Independence Day holiday in the US, which may bring a low key  price action ahead of Friday's closely watched US monthly jobs report - popularly known as NFP.

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