The US dollar was mainly under pressure across the board on Monday as the US independence day had the financial markets closed. EUR USD above pivot level on the daily chart. Here are the details.
Coming up on the economic calendar today we have the RBA Rate Statement as well as their rate decision at 4:30 AM GMT to shake up the AUD crosses. Later on during the London session Spain’s Markit Services PMI for June will be out at 7:15 AM, followed by the PMI for Italy, France, Germany, European Monetary Union and the UK between 7:45 and 8:30 AM.
Bank of England governor Carney is due to speak at 10 AM and investors around the world will be all ears to hear his policies and directions after Brexit. US Factory orders for May is released later at 2 PM, and GDT Price Index is released by Global Dairy Trade later during the next day’s Sydney session to shake up the Kiwi.
EUR USD Above Pivot | Technical Analysis
The EUR/USD pair climbed back above the pivot level of 1.11 however it remains below the Ichimoku cloud on the daily chart. It has also broken below the upward channel which formed beginning of 2016. This could be a temporary correction of a new down trend.
Resistance remains at 1.15 while support is set at 1.05. For the near term, the range trade between 1.15 and 1.05 could continue. That is unless we see new measures from BoE or ECB.
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