Last week, the US Dollar started strengthening a little against the common European currency, which resulted in a bearish move of EURUSD. At this point, the price has recovered and is trading around 1.3920. All in all, the currency pair is trading within the 1.3878-1.3947 range, which is slightly different from the price range sen yesterday.
Experts say that the near-term prospects of EURUSD are uncertain and ambiguous. Meanwhile, traders and investors are waiting for economic reports to define the near-term prospects of EURUSD.
The list of important macroeconomic reports includes several reports from Germany and the USA. Germany and some other eurozone economies are expected to release their economic sentiment reports. The german release is especially important since Germany is the eurozone’s biggest economy and its locomotive. Other major reports include the CPI (consumer price index) indicating consumer inflation and the US construction orders indicating the state of affairs in the local construction sector and housing market.
Meanwhile, Masterforex-V Academy, which is considered to be Europe’s best online Forex training project since 2009, has recently conducted another comprehensive technical analysis to find out the possible near-term scenarios for EURUSD.
In particular, the experts report that the price is currently fluctuating somewhere between 1.3938 and 1.3947. So the situation is ambiguous and will clarify as soon as the price break one of the border of the mentioned price range and consolidates outside of it.
The closest levels of resistance are the MF pivots located at 1.3934 and 1.3962.
The closest levels of support are the MF pivots located at 1.3873 and 1.3844 along with the bottom of the MF sloping channel.
In order to resume the bullish trend, the currency pair needs to break the 1.3966 high and consolidate above it.
