- Analytics
- News and Tools
- Market News
- EUR/USD eyes 1.06 as its next target
EUR/USD eyes 1.06 as its next target
EUR/USD has preserved its bullish momentum and climbed above 1.0550. The pair eyes 1.06 as bulls remain interested, FXSTreet’s Eren Sengezer reports.
The next bullish target for the pair is located at 1.06
“Later in the session, Existing Home Sales data from the US will be looked upon for fresh impetus. The market consensus points to a 0.2% decrease in May. In case the report reveals a bigger than expected contraction, it could have a negative impact on risk mood and help the dollar hold its ground. On the other hand, the greenback should stay on the back foot if Wall Street's main indexes continue to rise decisively after the opening bell.”
“Right above the 200-period SMA on the four-hour chart at 1.0585, 1.06 (psychological level, Fibonacci 61.8% retracement of the latest downtrend, 100-period SMA) forms key resistance. In case this level fails, additional gains toward 1.0660 (static level, former support) could be witnessed.”
“1.0560 (Fibonacci 50% retracement) now aligns as initial support before 1.0520 (Fibonacci 38.2% retracement) and 1.0500 (psychological level, 50-period SMA).”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
