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EUR/USD has been quite impulsive with the recent bullish gains which lead the price to reside at the edge of 1.1750 after certain bearish retracement on Friday. USD struggle has been extended further which might lead to further bullish momentum in the pair leading to a continuation of bullish pressure in the process.
This week is expected to be quite volatile as high impact events on both EURO and USD is going to be published this week including ECB President Draghi's speech and Federal Funds Rate hike possibility.
Today EURO German Ifo Business Climate report is going to be published which is expected to decrease to 103.2 from the previous figure of 103.8 and ECB President Draghi is going to speak today regarding short-term interest rate decisions and future monetary policies which are expected to be hawkish in nature. Moreover, throughout the week certain volatility and indecision are expected to a series of impactful economic reports on the EURO side is yet to be published.
On the other hand, this week is going to be quite crucial for USD having several high impact reports. Though today there is no USD based economic report or event tomorrow USD CB Consumer Confidence report is going to be published which is expected to decrease to 132.2 from the previous figure of 133.4. Additionally, on Wednesday FOMC Statement, Economic Projections and Funds Rate report is going to be published which is expected to increase to 2.25% from the previous value of 2.00%. Afterward, on the following day, USD Final GDP report is going to be published which is expected to remain constant at 4.2%.
As of the current scenario, EURO has been more hawkish than USD recently while USD having high impact economic reports may lead to certain volatility and fluctuations in the market. Though USD has a lot to offer this week, the expectations are quite dovish which might lead to further gain on the EURO side if Draghi provides any positive valuable information for the upcoming developments of the economy.
Now let us look at the technical view. The price is currently residing at the edge of 1.1750 area after having impulsive bullish momentum breaking it with a daily close earlier. Ahead of the high impact economic reports, certain volatility may be observed which is expected to lead to certain retrace along the way but as the price remains above the Kumo Cloud and dynamic levels like 20 EMA, Tenkan and Kijun line the price is expected to push higher with target towards 1.20 resistance area in the coming days.
SUPPORT: 1.1650, 1.1500
RESISTANCE: 1.1750, 1.2000
BIAS: BULLISH
MOMENTUM: VOLATILE
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