Key Points
- The Euro is trading nicely against the US Dollar and recently moved above the 1.1180 support.
- There are two bullish trend lines forming with supports at 1.1184 and 1.1174 on the hourly chart of the EURUSD pair.
- Today in the Euro Zone, the Italian Business Confidence for June 2017 will be released by the Istat.
- The market is positioned for a minor decline from the last reading of 106.9 to 106.6.
EURUSD Technical Analysis
The Euro is mostly bullish as it moved above the 1.1150 resistance against the US Dollar. The EURUSD pair is trading well and currently moving nicely above 1.1180 support and the 21 hourly simple moving average.
There are many crucial supports on the downside around the 1.1170 level and there are two bullish trend lines forming with supports at 1.1184 and 1.1174 on the hourly chart. The pair is currently above the 23.6% Fib retracement level of the last decline from the 1.1219 high to 1.1174 low.
As long as the pair is above the 1.1150 support and trend lines, it is likely to gain pace and move above the 50% Fib retracement level of the last decline from the 1.1219 high to 1.1174 low. It might even break 1.1210 and trade towards 1.1230.
Italian Business Confidence
Today in the Euro Zone, the Italian Business Confidence for June 2017 will be released by the Istat.
The market is positioned for a minor decline from the last reading of 106.9 to 106.6.
If there is any major decline in the Italian Business Confidence from 106.9, the Euro may come under pressure. On the other hand, if the Italian Business Confidence moves above 107, there can be gains in the Euro.
Overall, the EURUSD pair remains support above 1.1170 and likely to move higher in near term.
