Price changed little today and waiting to the afternoon’s fundamental events to bring some volatility. Is still located in the buyer’s territory, but needs a bullish spark to be able to resume the upside movement. Continues to move somehow sideways right now, is consolidating the latest gains, so we have to wait for a fresh trading signal.
Has shown some exhaustion signs in the last weeks, but maintains a bullish perspective as is located above some important support levels. We may have a high volatility in the afternoon as the economic calendar is filled with high impact data. The fundamental factors will take the lead, so you should be careful not to suffer a heavy loss.
The German Ifo Business Climate will be sent to the public earlier and is expected to drop from 116.0 to 115.0 points, while the German Final GDP could increase by 0.6%, matching the 0.6% growth in the former reading period.
The Yellen’s and Draghi’s speeches will shake the markets, remains to see how the EUR/USD will react, that’s why will be better to stay away tonight.
Price hovers above the 1.1712 major static support, but failed to retest the upper median line (uml), signaling that could come down to retest the median line (ml) of the ascending pitchfork. The perspective remains bullish despite the minor retreat, should climb towards new peaks as long as the median line (ml) and the ML are intact.
