January 13, 2020 | SQUARED DIRECT – The price of EURUSD is trading within the familiar range above 1.1100 the figure amidst the positive atmosphere surrounding the riskier assets at the beginning of the week.
Euro Price Fundamental Highlights
Euro price printed a reversal on a critical support level during Friday’s session after the dismal US NFP data, which may continue to drive the pair higher in today’s session. The Single currency could also draw bids on US-China trade optimism.
The US Treasury Secretary Steve Mnuchin was out on the wires on Sunday informing markets that there will be talks on the phase-two of the US-China trade deal when the Chinese delegates arrive on January 15. Therefore, today traders will likely remain bullish on the shared currency until a headline distorts the market mood.
EURUSD Price Technical Analysis
The 200-day moving average acted as a strong support for the bulls, pushing the price higher to retest the broken trend line and the 1.1133 resistance level.
A break above the resistance levels will likely send the Euro to retest the 50-day moving average and the 1.1160 level. However, if the bears somehow were able to protect the 1.1133 resistance level, then the pair will likely pullback to retest Friday’s lows, 1.11.
Support: 1.11 / 1.1070
Resistance: 1.1133 / 1.1160
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