The Euro has faced resistance at the 1.12000 level, leading to a correction down to 1.1100. The current range-bound trading between 1.1200 and 1.1090 raises questions about potential scenarios in upcoming sessions. A break below 1.1090 could trigger a downward correction towards 1.1050-1.0980, while consolidation above 1.1200 may resume the upward momentum towards 1.1400-1.1300.
Technical analysis suggests the possibility of a deeper retracement for EUR/USD, with a “bearish harami” pattern on the daily timeframe. Key fundamental factors that could impact the pair’s price include speeches by ECB members, Eurozone Consumer Confidence Index release, German CPI release, and US Q2 GDP data release.
The EUR/CAD pair has also seen range-bound trading within a wider corridor, with resistance at 1.5200. Failed attempts to break through this level have led to a drop to 1.4970. The current trading range is between 1.5220 and 1.4970, with a potential downward movement towards 1.4880 if 1.4970 is breached. On the other hand, consolidation above 1.5200 could lead to an upward move towards 1.5600-1.5400.
Key events for the Euro/CAD pair include German Unemployment Rate release and Canadian GDP release. These events could potentially impact trading trends for the pair in the coming sessions.
The Euro and USD trading trends are currently in a state of uncertainty, with potential for both upward and downward movements. Traders need to closely monitor technical and fundamental factors to make informed decisions in the volatile forex market. The upcoming events and key resistance levels will play a crucial role in determining the direction of these currency pairs. It is essential for traders to stay vigilant and adapt their strategies accordingly to navigate through the unpredictable forex market.