Investors Expect Clearer Declining Signals For EUR/USD - Kakiforex.com - Financial Market Media No. 1 in the World Investors Expect Clearer Declining Signals For EUR/USD Investors Expect Clearer Declining Signals For EUR/USD
InstaForex

June 29, 2021

Investors Expect Clearer Declining Signals For EUR/USD

 Price movements on the charts of major currency pairs were seen flat at the opening of the market earlier in the week including the US dollar.


But the US dollar was seen to show a slight strengthening ahead of the opening of the New York session yesterday before returning to move slowly until the end of the session.


Investors remained vigilant in early trading this week awaiting the US NFP employment data report on Friday which is the focus for the central bank.




The price movement on the EUR/USD currency pair chart saw a decline in prices with the Euro still in risky sentiment.


In addition to the declining European index, Rober Holzmann as one of the ECB members noted that there is still no room to raise interest rates due to weak inflation and the Covid-19 emergency assistance program will not be terminated in the near future.


Thus, analysts still see difficulties for prices on the EUR/USD chart to make gains, but need a factor that strengthens the US dollar to see a more pronounced decline.



Yesterday's decline touched the 1.19000 level which is seen as a price support zone, and the rebound price made a rebound from that level.


However the price remains moving below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame which still signals for a bearish pattern.


If the decline continues today and manages to pass the support zone of 1.19000, the price is seen to head to the lower support zone at 1.18000.


On the other hand if the price makes a rise again, last week's resistance level around 1.19700 will be tested for the price to head to the resistance level of 1.2000.


A higher rise for the bullish trend of the price, will be driven to the SBR zone (support become resistance) at 1.20600-1.20900.