The pair shot up higher and showed a bullish trend. Going forward, traders can expect the market to go higher. Due to the ECB President Draghi’s speech on monetary policy coupled with the central bank’s events in the United States, the dollar fell and caused the Euro to rise higher in the last 24 hours. The US healthcare bill got delayed once again and further weakened the dollar.
The market breaking out above this level is a significant sign of bullish pressure, and the market will open the floodgates if can get that break out. Alternately, if the market turn around that there is plenty of support underneath to send this market higher. The 1.1250 level underneath should continue to be an area that attract a lot of attention as well.
The pair went back and forth initially before breaking higher and finding areas of resistance. A lot of buying opportunities can be found here. With major headlines coming in from the Brexit negotiations and the government formation in the United Kingdom, the market continues to be volatile and remains difficult. Traders should pay attention to the Bank of England (BoE) Governor Carney’s speech today.
The pair looks to gain some momentum after settling for some support underneath. With the US healthcare reform bill getting delayed once again by the Republicans, the US dollar weakened. If the Asian markets also post a strong performance, then it will help the Australian dollar to push ahead further.
The pair went back and forth initially before rallying up further. Japan Prime Minister Shinzo Abe is expected to drop his commitment for balancing the budget by fiscal year 2020. However, it remains unclear whether Abe would drop his undertaking or drop the tax rate hikes. Due to this, the Japanese yen might weaken further in the short term.
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