EURUSD Analysis 27th June Forecast & News

Risk appetite in the currency markets improved somewhat today with the AUD and JPY seeing gains v the US dollar but the European single currency was the weakest major today with a drop of 0.36% - a two-week low – against the dollar
Market participants were firmly focused on yields and an under par Spanish debt auction had the EURUSD under pressure during the European session.
The EURUSD has subsequently moved back to the 1.2500 level which has been acting like a magnet this week. A daily close above 1.2500 could see a doji candle form on the ear/dollar daily chart.
Daily resistance is noted around the January lows at 1.2620 and the recent highs around 1.2750.
Positioning data is still indicative of a market extremely long the greenback and while this is the case any positive data has potential to see major short covering. However, market participants look to be lowering expectations of a favourable outcome from the EU summit this week.

EURUSD Daily Chart (click to expand)

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