The EUR/USD is surging on Tuesday after European Central Bank President Mario Draghi said there are clear signs of a “strengthening and broadening” recovery underway in the Euro Zone. The pair went back and forth initially before finding areas of resistance. After a while, the pair dropped down to support underneath due to the USD gains. Traders can expect a lot of market volatility to continue as the central bank members are scheduled to make more speeches today.
If the market could break above the 1.13 level, the market should then go to the 1.15 level above. That is a massive barrier on the longer-term charts, as we have been consolidating between the 1.05 level on the bottom and the 1.15 level on the top over the last 3 years.
The pair initially went higher before settling down to support areas. The market continues to be under immense pressure and shows a lot of volatility as the dollar has gained from last evening on some strong durable goods data. Traders should also pay close attention to the Brexit negotiations, as it will decide the course of the pound in the time ahead.
The market will find plenty of reasons to be volatile. If the market can break to the upside, that should send this market towards the 1.28 handle, and perhaps a break above there. A break above there should send this market to the 1.30 level.
The pair dropped down to areas of support underneath and is expected to rally further in the time ahead. The dollar looks positive with the US durable goods strong data, Fed Reserve’s interest rates outlook for this year and the US Stock indices performance. Traders can expect a bullish trend of the market in the longer term.
The market looks likely to go looking for the 112-level given enough time, but it of course will be very choppy as this market is volatile in general. Federal Reserve raising interest rates over the longer term will of course keep this market positive, and it is risk sensitive.
The pair continued to rally further and remained quite firm. With the Chinese Industrial Profits coming in steady, the Australian dollar gained momentum. The transport and petrochemical industrial sectors performed the best, with profits coming in at 16.7 percent and going above expectations. In the long term, the market might continue to move higher and remain bullish.
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