FxWirePro: EUR/USD trades lower, markets eye G7 summit for further direction
Friday, June 8, 2018 1:42 PM UTC
- EUR/USD has declined almost more than 100 pips from the high as Italy is expected to ask for more funds. The pair was trading higher for the past three trading session as ECB is expected to announce end of QE. The pair hits 2- week high flowing the message that ECB will discuss about QE exit in the upcoming meeting to be held on Jun 12th 2018. Markets eye G7 summit on Canada for further developments on trade war. The pair hits low of 1.17272 and is currently trading around 1.17657.
- On the higher side, near term major intraday resistance is around 1.1850 and any convincing break above will take the pair to next level till 1.1900/1.2000 .Short term bearish invalidation only above 1.2020 (200- day MA).
- The near term major support is at 1.1660 and any convincing break below will drag the pair to next level till 1.1600/1.1500. The minor support is around 1.1790/1.1750.
It is good to sell on rallies around 1.1800 with SL around 1.1850 for the TP of 1.1660/1.1600.
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