Alex Bobrov
The common European currency has been going down against the US Dollar since the start of this trading week. Yesterday, during the American trading session, EURUSD dropped down to 1.3533. After that, the US Dollar managed to gain a little bit more value against the Euro during the overnight trading, thereby letting the currency pair going down even lower to set a new weekly low at 1,3521.
Today, the common currency has already managed to regain a bit of its value. The currency pair touched 1,3545. This is the intraday high at this point.
Two Top-Ranking Eurozone Officials May Influence EURUSD
Today's major event is the meeting of 2 top-ranking Eurozone officials. In particular, Angela Merkel, Chancellor of Germany, and Mario Draghi, president of the ECB, are expected to meet today in Berlin in order to discuss topical issues.
Apparently, the entire Eurozone, including Germany, is suffering from low inflation. Apparently, unexpected decisions or statements may result in volatile moves in currency markets, with EURUSd being the most sensitive market.
The comprehensive technical analysis conducted by Masterforex-V Academy shows that the H1 chart of EURUSD is currently drawing a bearish count started from 1,3675. The price suspended the mentioned move at 1.3521, without breaking 1.3520, which is the level canceling the bearish reaction to the 1.3502-1.3675 upswing.
That is why the probability of a further rally is still pretty high if the level remains unbroken. As we can see, the price may well be getting ready for another upswing.
The 1.3521 level is currently the low of the week. This may well be the starting point for another rally. Still, if the price breaks 1.3520, the scenario will become void, Masterforex-V Academy reports.
Intraday resistance: 1.3555, 1.3685 + 1.3600 + 1.3620 + 1.3625 + 1.3666 + 1.3669 + 1.3675 +1.3718.
Intraday support: 1.3522 +1.3521 + 1.3520; 1.3502.
Alex Bobrov
