EURUSD Daily Outlook
EUR / USD continues to rise up, WHAT’S the NEXT??
Our short position run over below 1.12 only a few hours and then stepped on a steady bullish at the opening of the London session, again brought the pair over 1.12 .
As if the bullish factors around the euro were not enough, Merkel’s support came further, which argued in a speech that the euro is too weak for this reason that German products are much cheaper than it would be desirable.
This has long been Germany’s position on monetary policy, so from the point of view of investors, words are not new.
What investors think, however, does not matter much today, because what determines the trend of markets are robots and general market perception.
Merkel’s speech has been interpreted as a sign of further strengthening of the euro and resulted from a second wave of purchases that pushed the EUR / USD pair beyond the 1,1250 to 1,263, where the market met with sales . The pair continues to move near the maximum swing range to the next immediate goal at $ 1.13.
In the rest of the day we will have data in Germany and France, as well as a few speeches by Fed members who will probably rule out an increase in rates in June. The EUR / USD pair is likely to remain bullish and soon will level 1.13. WHAT’S the NEXT??