Key EUR/USD Levels For Monday
Rowan Crosby • 1 min read
The EUR/USD has managed to find a bit of a bid towards the end of last week and traders will be looking at more of the same on Monday.
Weakness in the USD has been one of the major drivers of the run-up, in what we might call a failed downside breakout.
This week, the US will be on holiday for Thanksgiving, so that gives the EUR traders a bit of time to get to work. The main announcement for them this week is really the ECB minutes.
The ECB has really not tipped the scale in any meaningful way of recent times and I suspect this meeting might be more of the same.
Like most central banks they are waiting on mire signs of growth before they are even remotely interested in pulling the trigger on a rate hike. I suspect we will hear exactly that from the minutes.
The EUR/USD has been following technical support and resistance quite well and continues to hone in on the round number levels.
Looking at support 1.1300 is the major level, with 1.1200 or just above really, holding up the sellers.
The next key level is a hold of 1.1400 and I would like to see that happened today. If that plays out then we open the door for a run through 1.1450 and 1.1500.
I am still bullish on the USD and if we retrace then 1.1300 is still very much in play from my perspective.