EURUSD: Edges Lower Around 1.1175 Ahead of Key Economic Data Releases
EURUSD: Edges Lower Around 1.1175 Ahead of Key Economic Data Releases
Just as anticipated, the EUR/USD pair has been trading with a bearish bias after found barrier at the falling trendline and formed a bearish pin bar on the daily chart and now struggling around 1.1175 support area. The bias remains bearish in the near term but note that we need a clear break below 1.1175 to resume the bearish pressures retesting 1.1120 key support region.
Immediate resistance lies around 1.1200/20 area. A clear break and a daily close back above that area would be an indication that price is unable to clear 1.1175 support and ready to re-attack the trendline resistance which is from the current context is an area run from 1.1250 – 1.1290.
The market will be flooded with a series of high impact economic numbers today. From the Euro zone CPI data will be out and from the US traders are eyeing Average Hourly Earnings, Non-Farm Employment Change, Unemployment Rate and finally ISM Non-Manufacturing PMI data.
Source: https://fxinstructor.com/blog/eurusd-edges-lower-around-1-1175-ahead-of-key-economic-data-releases
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