ADS Securities’ analysts shared their US CB Consumer Confidence EURUSD outlook. The team eyes a bullish technical picture in the near term.
27 June, ADS Securities – The Euro recorded modest losses against the US Dollar in the last session, following comments from the European Central Bank (ECB) President, Mario Draghi, brushing off calls for the central bank to scale back its stimulus programme, stating that premature tightening would lead to a fresh recession and more inequality in the economy.
US CB Consumer Confidence EURUSD outlook
On the 1H chart, the pair is trading with an upside bias on the 1H chart, hinting at a bullish technical picture. Also, the MACD indicator has witnessed a signal line crossover from below, further validating the above stance.
Key resistance resides at the 1.1220 level, a sustained break above which might trigger positivity in the pair, paving way for the 1.1255 and 1.1290 levels. On the other hand, key support aligns at the 1.1165 level, followed by the 1.1145 and 1.1115 levels.
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