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Old 03-07-2018, 07:34
AndreaFM AndreaFM is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD Technical Analysis: July 2, 2018

The euro major pair began the day at a muted note to slower decline across the Asian session. Yet the downtrend seems to be above the 1.16 as it lacks headlines to drive the price change in the background of political conflicts in Germany. There is an issue on the disagreement between Horst Seehofer and German Chancellor Angela Merkel concerning migration related deal secured in the EU summit. Although the government is steadfast on Horst Seehofer’s offer to resign from office, CSU hardliners are deemed to have attempted to talk with the assertive interior minister to stay.

Traders wait for the official result of a press conference scheduled later this day to find out if both parties will proceed and in case the Horst Seehofer resigns, the CSU would offer a replacement to the support the coalition government. Investors will also wait for Eurozone Manufacturing PMI & Unemployment rate data, at the same time, the ISM Manufacturing employment and ISM Manufacturing PMI data from the U.S. are expected to be published. Meanwhile, the EUR/USD is anticipated to trade within the range between 1.16 and 1.17 during the European session as traders wait for the news on updates from the official press conference and the end result to support Merkel and coalition government that could induce the euro major pair to go back to the level of 1.18. The resistance of the pair would be at 1.1690 / 1.1720 and the support will be on the area of 1.1620 / 1.1600.
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