the caution will be in order today on EUR/USD
The EUR/USD pair has been increasing since yesterday, with a peak of 1.1195 this Tuesday morning, after a new low annual 1.1110 last Friday.
However, from a graphical point of view, the pair is displayed on thresholds that could be good points of entry to the sale, and from a macroeconomic point of view, the timing of the day will be especially busy.
Technical analysis EUR/USD
From a graphical point of view, the EUR/USD has surpassed the moving average 100 hours last night, which is a positive signal. However, the pair approach resistance is even more important, consisting of :
- The line of downward trend visible since the peak of April 17 (1.1190)
- The psychological threshold of 1.12
- The moving average of 200 hours to 1.1202
Therefore, the current levels could constitute a good entry point to the sale, a point of view chart. In this case, the potential targets to be monitored will be located on 1.1150, then 1.1110, 1.11, and then directly to the psychological threshold of major 1.10.
In case of rise confirmed at the top of 1.12, the scenarios downside will be called into question.
A busy schedule awaits the EUR/USD on Tuesday
However, the evolution of the EUR/USD will depend on the final especially in the economic calendar very busy day.
To mention only the most important statistics, it will be observed GDP Q1 2019 of the Euro Area at 11 am, the CPI preliminary in April for Germany to 14h, the index Chicago PMI at 15: 45, and consumer confidence is US to 16h.
It should also be noted that traders will begin to turn their eyes to the Fed, which concludes its monetary policy meeting tomorrow evening, this will be one of the main risk events this week.