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EUR/USD Still Testing 10-EMA Ahead of ECB Meeting

Jul 6 2017, 12:19 PM (+06) |

FxGrow Daily Technical Analysis – 06th July, 2017
By FxGrow Research & Analysis Team

EUR/USD Still Testing 10-EMA Ahead of ECB Meeting

EUR/USD bullish momentum survived yesterday’s FOMC meeting as the U.S Index spikes were contaminated with 96.24 high as market expected more attacks due to previous hawkish U.S Fed statement, but instead a lesser was given by Yellen Yesterday.

The pair clocked 1.1368 high yesterday and 1.11325 low for today, still testing 10-EMA area at 1.1320 with 25-pips price action for today with expectations for more volatility as EU releases German Factory Orders, but the focus will be on ECB statement today.

Last appearances for Mr. Draghi were hawkish, stressing an intolerance for rising inflation in the EU and the ECB could taper with rates. ECB statement today, if it is consistent with Draghi’s last speeches, will fuel EUR/USD ...

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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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