How is EURUSD trading ahead EU Consumer Confidence data? ADS Securities' analysts report the pair fluctuation in a short range, What is your forecast?
19 May, ADS Securities – Following four consecutive bullish sessions, the EURUSD pair retreated in the previous session as the European Central Bank’s (ECB) monetary policy meeting accounts showed that the central bank is still cautious to exit from its ultraloose monetary policy stance.
EURUSD trading ahead EU Consumer Confidence data
As of now, the pair is oscillating inside a short range of 1.1090-1.1115, ahead of the Eurozone’s consumer confidence index data to be released later in the day. However, a signal line crossover by the MACD from below, indicates at likely recovery over intraday basis.
Key intraday resistance is situated at the 1.1140 level, followed by the 1.1175 and crucial 1.1200 levels. A break and stability above the latter might trigger positivity in the pair. On the contrary, key support is placed at the 1.1070 level, followed by the 1.1045 and 1.1015 where EMA 200 is trading.
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