Angela Merkel Euro Comment boosts EURUSD – market outlook

Angela Merkel Euro Comment boosts EURUSD, as the German Counsellor believe the EU currency is too weak. ADS Securities eyes positive bias in trading.

23 May, ADS Securities – Yesterday, the EURUSD pair advanced in the early session after the German Chancellor, Angela Merkel, described Euro as a weak currency, however, retreated later to close in the red as the Eurozone Finance Ministers failed to reach a deal for fresh bailout funds for Greece.

Angela Merkel Euro Comment boosts EURUSD

As of now, the pair is trading with a slight positive bias, ahead of several economic releases in the Eurozone & Germany scheduled today. Key resistance is situated at the 1.1275 level, a surge above which might trigger strength in the pair, paving way for the psychological 1.1300 and 1.1330 levels.

However, the MACD is showing loss of upward potential, suggesting at possible correction in the short-term. Key support resides at the 1.1225 level, followed by the 1.1195 where EMA 55 is placed and 1.1160 levels. A breach below the latter might trigger further negativity in the pair.

Angela Merkel Euro Comment boosts EURUSD

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