The Euro (EUR) inched higher against the US Dollar (USD) on Tuesday, this caused an increase in the price of EURUSD, bringing it more than 1.1000. The price of the pair increased after major economic news released. Considering the price movement of the pair over the past few days, it is foreseen that the technical bias may stay bearish on the grounds that the pair’s value denoted a higher low in the recent upside move
EUR/USD Technical Analysis
Currently, the pair is being traded around 1.1037, A trend line resistance which may prevent the price from moving above this level can be seen around 1.1082, ahead of 1.1208, the 61.8% Fib level and afterward come 1.1411, the major horizontal resistance as shown in the given chart.
At 23.6% an immediate support level can be seen around 1.004, ahead of 1.0920, the trend line support level and then the major horizontal support of 1.0878, which probably prevents the price from decreasing further as shown in the given above chart. The technical bias may remain bearish as long as 1.1082, the major horizontal resistance level remains unblemished.
USD Michigan Consumer Sentiment Index
In the United States, the figure concerning the Michigan consumer sentiment index is 96 in the month, as compared to the month before the index of 93.2, beating up the economist expectation i.e. 93. The information is sourced from the news released by the University of Michigan.
The Michigan Consumer Sentiment Index is a review of individual buyer trust in financial action. It demonstrates an image of whether customers are eager to burn through cash. As a rule, a high perusing foresees positive (or bullish) for the USD, while a low perusing is viewed as negative (or bearish).
Considering the overall price behavior of the pair over the last couple of days, purchasing the EURUSD around current levels can be a better decision in the short to medium term.