A possible reversal could be in play as we have seen EURUSD bounce off its lows at 1.1210.
It has since broken resistance at 1.1400 level and heading towards 1.1500.
The US Dollar is also experiencing broad based weakness, due to the ongoing trade wars and dovish comments from the Fed, giving some lift to this pair, building on from the rebound.
However, we still should be wary of any developments with regards to Brexit or the Italy situation which would increase volatility in this pair.
For now we look at short term direction towards 1.1500.
It has since broken resistance at 1.1400 level and heading towards 1.1500.
The US Dollar is also experiencing broad based weakness, due to the ongoing trade wars and dovish comments from the Fed, giving some lift to this pair, building on from the rebound.
However, we still should be wary of any developments with regards to Brexit or the Italy situation which would increase volatility in this pair.
For now we look at short term direction towards 1.1500.