FXStreet The EUR/USD is extending its bearish consolidation phase, with the early European trading, while the bears are on an acceleration of the downward movement of hope, if the important support in the vicinity of the 1,1160.
EUR/USD: 1,1100 back in range?
The Pair falls in the vicinity of the 5-day low while the Greenback against its main competitors commandments, according to the US President, Trump about his “massive tax reform” language. The US Dollar Index, which represents the strength of the USD vs. its 6 most important rivals, quoted in the vicinity of the Friday High of 97,47, while the dynamics is damped compared to the Treasury yields.
The Euro remains the ECB President Draghi’s speech in Madrid-prone, which takes place in the afternoon. It is expected that ECB President Draghi delivers nothing new and merely repeated that the recovery in the Eurozone remains strong, while inflationary pressures are a cause for concern.
The British and American markets remain closed due to the Spring Bank Holiday and Memorial Day, so that the liquidity is reduced.
EUR/USD technical levels
Karen Jones, head of FICC Technical analysis at Commerzbank, notes: “The GBP/USD is in a short term consolidate is likely: There is no Change, the Euro is consolidating below the 1,1300 November and we will see a TD perfection. We can expect a consolidation/downside correction below this level. As long as the 1,0996 is intact, the immediate commandments. The market has the potential to reach the mid-2016 High of 1,1400. We assume, however, that the Couple will have a long-term fight. In 1,1343 we have yet to see the 78,6% Retracement.”
** FXStreet News Editorial, FXStreet**