Yesterday, EURUSD formed a price range between the intraday low and high located at 1.3573 respectively 1.3613. Even though the US secondary housing market indicated higher sales, the figures failed to back the US Dollar a lot, so the currency pair continued to trade inside the price range.
As for today's European trading session, the common currency started it with a rally against the US Dollar. EURUSD rallied from 1.3592 up to 1.3611, Market Leader reports.
It seems like the currency market is waiting for more stats from Germany. The Eurozone's number-one economy is expected to release its business climate index today. It is interesting to note that the index has been above 110 points since the very beginning of 2014.
The index peaked at 111,3 points in February 2014. So, the recent stats indicate comfortable business conditions in the country even despite May's decline down to 110,4.
The respondents assume that the index is likely to drop further down to 110,2 points. Will is still positive readings.
EURUSD
Masterforex-V Academy reports that the H1 chart of EURUSD indicates bullish bias, which means that the bulls are still dominating the market. Last week, the price formed wave 1.3512-1.3642. Further on, the 1.3642 high became the starting point for a bearish reaction move. At this point, it aahs already reached 61,8% Fibo.
Yesterday, the price has started forming a narrowing range. The wider side is 1.3563-1.3613 while the narrower one is 1.3573-1.3602. The price is currently moving closer to the top of the range. The direction in which the price breaks out of the range will determine the direction of the near-term momentum.
Resistance: 1.3612 + 1.3613 + 1.3630 + 1.3642 + 1.3666.
Support: 1.3602 + 1.3573 + 1.3571, 1.3565, 1.3552 + 1.3563 + 1.3537 + 1.3527 + 1.3512-1.3642.
