Fundamental Key Quotes
Europe sees reopening, vaccine passports that would boost the tourism, modest inflation which are all supportive to the EUR buyers.
U.S. sees a very high inflation and an easy monetary policy which is causing the main concern in the market and also supportive to EUR buyers.
Why the price is falling?
As we saw on Friday there was an attempt to break the 1.2245 resistance that ended with a failure for 3 reasons that are ECB reminding the market there won't be changes in the easy monetary policy for months to come, the Germany Manufacturing PMI which was seen dropped, and the UPBEAT U.S PMI data.
After all the latest news from central banks and macroeconomic calendar releases, there is no main trend in the market both capped causing a Range market till any upbeat data that would give a reason for a certain break out.
I expect the rejection to continue to at least 1.2100
Technical levels to watch
Major key resistance 1.2245
Minor Key resistance 1.2220
Major key support 1.2050
Minor Key support 1.2100
Europe sees reopening, vaccine passports that would boost the tourism, modest inflation which are all supportive to the EUR buyers.
U.S. sees a very high inflation and an easy monetary policy which is causing the main concern in the market and also supportive to EUR buyers.
Why the price is falling?
As we saw on Friday there was an attempt to break the 1.2245 resistance that ended with a failure for 3 reasons that are ECB reminding the market there won't be changes in the easy monetary policy for months to come, the Germany Manufacturing PMI which was seen dropped, and the UPBEAT U.S PMI data.
After all the latest news from central banks and macroeconomic calendar releases, there is no main trend in the market both capped causing a Range market till any upbeat data that would give a reason for a certain break out.
I expect the rejection to continue to at least 1.2100
Technical levels to watch
Major key resistance 1.2245
Minor Key resistance 1.2220
Major key support 1.2050
Minor Key support 1.2100