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The euro was pushed down after the US existing home sales data report. The pair was influenced by yesterday's home sales report and selling pressure acceleration. The pair lost 1.5% closing below 100Dema and 20Dsma.
At yesterday's session, the pair was making a triple top at 1.1380 on a daily closing basis. "In case bulls are unable to close above 1.1535, bears will re-test 1.1200, 1.1100, and 1.1060 this week," we forecasted on Monday and Tuesday as well. Now, the level of 1.1136 is done.
Initially, the pair faced strong resistance at 1.1467 and the crucial resistance is seen at 1.1535. After the FOMC meeting, the pair made the last leg on the higher side, but was rejected twice. US housing data published this week pushed the euro down against the stronger greenback.
The support is found at 1.1120 and 1.1050 20Wsma. The litmus test takes place at 1.1050, a daily close below this will lead to re-testing of the previous swing lows at 1.0890 and 1.0820. Data on German Ifo business climate and US GDP q/q is due today. We expect negative readings from the eurozone and encouraging figures for the US GDP. Before moving up, the price is likely to re-test 1.1060. The pair broke the ascending trendline and closed below that. Resistance is seen at 1.1210, 1.1240, and 1.1290. Selling on rises with sl 1.1325 looks good. Fresh selling below 1.1150 is advised.
To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com
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