Trade $EURUSD today using our Forex signal
May that the price had been consolidating and finding a great deal of support at the big round number of $1.0500. I thought the FOMC release that day might trigger a decisive breakdown below that round number. In fact, the bearish consolidation has continued, with the price fluctuating without direction just above it.
I will be happy to enter short if we get a reversal at the nearest resistance level at $1.0591, or if we get two consecutive hourly closes below $1.0484. It is interesting that the Euro has been showing some relatively strength, especially against the British Pound, a major trading partner of the EU, which has seen its currency weaken a lot in recent days. For this reason, long USD trades may be more attractive inConcerning the GBP, there will be a release of Preliminary UK GDP data at 7am London time. Regarding the USD, there will be a release of PPI data at 1:30pm.
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