The EUR has been fairly resistant over the previous week, trading good against the USD in spite of all the hazard off flows in markets because of US-China trade strains. Buyers have done well to keep up the near term bullish bias and is proceeding to do, too.

Price is drifting around 1.1222 to 1.1240 today as light offers around 1.1250 is holding gains in-check, alongside the highest level recorded so far in May @ 1.1265. Those will be levels to look out for in case of any upside move later today. In the interim, if sellers manage a break underneath those, at that point we can expect a further extension towards other support regions beneath 1.1200.

Also, there are large expiries moving off at 1.1200 so that should confine any drawside pressure in the session to come.

Rose Alice

About: Rose Alice

Rose Alice has a long experience as a currency analyst with a deep knowledge of the relationship between macroeconomics and currencies fluctuation.