Good day forex traders.
Welcome to the new forex trading week. Time flies and with just a blink of an eye we are approaching the second half of 2018.
We have been writing since 2008 and the EUR/USD remains the most popular currency pair on our website.
Looking at the EUR/USD chart above, we note that the bearish momentum is of a strong trend. The currency pair remains below the lower bollinger band. This suggests that the bearish sell off may not be over. Having said so, the support level of 1.16 lies ahead. It was a previous floor and hence it will be prudent to keep that in mind.
With the current improvement over the outlook of US – China trade, trader sentiment is improved with regards to the US economy. There is also an optimistic trend riding on with regards to the US and North Korea summit. As June 12 approaches ( Summit day in Singapore ), we need to be mindful of any shift in the progress between the US and North Korea. Sovereign complications usually results in sentiments such as risk aversion which often affect the markets with wide implications.