Key Points
- The Euro remains in a nice uptrend against the US Dollar, and currently trading above the 1.1250 support.
- The EURUSD pair is following a major ascending channel pattern with support at 1.1240 on the hourly chart.
- Recently in the Euro Zone, the Sentix Investor Confidence for June 2017 was released by the Sentix GmbH.
- The outcome was above the forecast, as the Confidence Index rose from 27.4 to 28.4 in June 2017.
EURUSD Technical Analysis
The Euro is slowly and steadily moving higher, and remains well supported above the 1.1250 level against the US Dollar. The EURUSD pair recently tested the 1.1290 resistance and started a downside correction towards 1.1250.
At the moment, the pair is finding bids near the 50% Fib retracement level of the last wave from the 1.1208 low to 1.1288 high, and the 21 hourly simple moving average.
There is also a major ascending channel pattern with support at 1.1240 on the hourly chart. As long as the pair is above the 1.1240-20 support area, there are chances of more gains towards 1.1300. Above 1.1300, the next target could be 1.1320.
Sentix Investor Confidence
Recently in the Euro Zone, the Sentix Investor Confidence for June 2017 was released by the Sentix GmbH. The market was positioned for no change from the last reading of 27.4 in June 2017.
The result was above the forecast, as the Confidence Index rose from 27.4 to 28.4 in June 2017. In a recent report, Sentix GmbH, stated “situation in the Eurozone is getting better and better. For the sixth time in a row, present valuations climb to their highest level since January 2008. Expectations remain positive”.
Overall, the EURUSD pair is most likely to move above 1.1270 and trade towards 1.1300 in the near term.
