After heading up to a high of 1.1345, the euro edged lower against the greenback after the JOLTS data. The euro drifted to a low of 1.1214. At yesterday's session, we forecasted that the euro to would touch 1.1350.
The euro area GDP data supported the pair earlier. The Q1 GDP rose by 0.4%. The recent fall in the oil prices, weak euro, and ECB's QE acted as crucial factors in the economic expansion.
Upcoming events: Today, traders eye French and Italian industrial production data. We do expect positive readings.
Technical view: Though, the pair drifted to 1.1214 below 100Dema in the intraday, but bulls managed to close above the 100Dema. Weekly support is found at 1.1050 and resistance is seen at 1.1467. Intraday resistance is seen at 1.1380 and support is found at 1.1210. Until the pair extends the higher lows formation 1.1050, use a dip to buy favoring the trend. On a positional view, until the pairs hold 1.1050, bulls are likely to aim at 1.1540 and 1.1700 in the near term. To confirm this view, the pair must close above 1.1470. In the daily chart, higher high is not reached yet.
At the Asian session, the pair is trading at 1.1290 compared to Tuesday's closing price of 1.1283. At today's session, we expect the pair to expand towards 1.1395 within a range between 1.1345 and 1.1380. The intraday trade favors buying with sl 1.1210 with targets at 1.1340, 1.1380, and 1.1395. The safe buying is available at 1.1360. In case the pair closes above 1.1380 today, we will expect 1.1500 in a day or two.
To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com
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