By looking at the Euro-dollar pair, one can clearly say that the bulls are not willing to give up. The support at 1.15 is not only robust but we think that the price has formed a bottom for 2018.
But if the bottom is in play now, this isn’t so much of good news for the ECB. The ECB members believe that lower currency promotes drives up the inflation. Thus, this leaves the door wide open that any rally in the Euro-dollar is prone to short squeeze. But the jawboning of President Trump towards the dollar (as he thinks that the dollar is too high) could provide a little more breathing room for the bulls.
Technically speaking, the price in a battle with the 50-day moving average and it seems like it is struggling to stay above this. Something also noteworthy here is there is also a downward trend line and the price would need some serious momentum to break this trend line and the 100-day moving average. As long as we are below the 1.17 resistance level, the downward pressure would impact the price more.
