Forex Signals Brief for June 19: Will Draghi Continue to Hurt the Euro?

The week got underway on a relatively quiet note. While the concerns around the trade wars are still lingering, the USD didn’t fall away all that much. And for the most part the EUR/USD and the others majors were stable.

The economic calendar remains relatively thin this week, however, much of the attention on Tuesday will turn once again ECB President Mario Draghi. He’s speaking at the ECB Forum on Central Banking in Sintra, Portugal.

Last week it was Draghi who single handedly wreaked havoc on the Euro after he took a very dovish tone at the ECB Press Conference and failed to put a stop to QE. While I don’t expect the same fireworks today, traders will be paying close attention to what he has to say in his opening address.

Forex Signal Update

The FX Leaders team opened the week in a quiet fashion, in keeping with the state of the markets. The boys ended the day two and two to get the ball rolling.

Bitcoin – BTC is inching its way back and we are now at support turned resistance. This is a big level for the bulls.

Gold – Gold fell away last week, thanks to a strong USD. There wasn’t any follow-through on Monday, but I think we might revert to the mean here.

GBP/USD – Active Signal

The GBP/USD continues to feel pressure to the downside. We continue to be driven by Brexit headlines, but the rising USD is not helping the cause. Any USD strength on Tuesday should see us push towards our target. The profit target is at 1.3226.