The solid bounce back in the EUR proceeds after touching a double bottom around a week ago’s low of 1.0926. Price has since risen up about 160 pips to trade at fresh 2-week tops close to 1.1090 in early European trading.

In fact, buyers are in near term control and are looking for a significant break higher. Currently, price is challenging near term resistance at 1.1095 just as the 50.0 retracement level at 1.1088.  A break of those levels will see buyers eye the 1.1100-10 the figure next.

Later, EMU Trade Balance results are expected along with Labour Costs figures.

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.