EURUSD Analysis News And Forecast 5th July
Technical notes for the upcoming 5th July trading sessions
- 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.