Forex Technical Analysis, EUR/USD Daily Forecast June 2, 2016
Technical Analysis – The EUR/USD pair initially fell during the course of the session on Wednesday, but then turn right back around as the Euro gained in general. It looks as if we are going to continue to bounce around in this area, and we see a significant amount of resistance near the 1.1250 level above that will more than likely keep this range going. At this point in time, this is a pair that probably is going to be very difficult to trade, especially considering that the European Central Bank has an interest rate decision coming out today.
In Other View Point – EurUsd – ECB
The EURUSD rallied today but prices are still below resistance at 1.1250area. Today will be ECB press conference (news), we don’t trade the news but we will definitely take note of it. We’ve seen this trap into ECB before. Basically, EURUSD looks like it is headed higher but then takes out the lows (see December and March ECB meetings) before moving in the direction (higher) that it was going to go anyway. We will be looking for price action buy signals on the 1 hourly and 4 hourly graphs today in that support area. We will update our PRO Members of any buy signal today