The EURUSD has been feeling soft the past month after the last ECB meeting where ECB President Draghi highlighted the drop in growth across the Eurozone. The mixed USD sentiment has stalled the downside move but this week’s upcoming European Parliamentary Elections may create a lot more negative sentiment and momentum. I’m keen to cash in on a move down through 1.1100.
Current Technicals: Down
Hourly Resistance: 1.1200
EURUSD HOURLY CHART – Current Price 1.1163
Current Fundamentals: Down
Central Bank Sentiment: Down
Geopolitical Impact: Neutral
Upcoming Potential Fundamental Drivers
Short positions below 1.1200 with an initial target of 1.1050.
Above 1.1200 we should see a quick stop loss run towards 1.1240 but that next upside resistance level should cap any upmove.
If trading the technical levels: Trendline Trader.
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