EURUSD Analysis News And Forecast 5th July

The EURUSD currency rate today dropped to a low of 1.2507 prior to finding support just above the 1.2500 round number. Price is currently consolidating around 1.2533 during thin US holiday period trading.
Price today dropped below the 20 day SMA after finding support there for two trading days; this dynamic level could potentially now see resistance if hit.
A break below the 1.2500 handle opens up potential for a move down to the 28th June 1.2406 daily low area. It should be noted however that the zone around 1.2500 has seen a significant portion of the recent price action and it could continue to do so if no significant news is seen.
The ECB press conference tomorrow, with the possibility of a near-zero interest rate, brings significant event risk, as does the Spanish 10-year Bond Auction. Further to this is the NFP on Friday.

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