Forex market was not affected with the news of revised US GDP, as holiday season is in progress. Low volatility is seen across the board and EUR/USD was no different.
Some mild-impact news for EUR/USD due today, which will set the tone for today. US Personal Spending report, followed by a patch of important announcements about goods trade balance, new home sales and Dallas Fed manufacturing index.
Also, the movement of US Equities along with crude oil shall have an impact on EUR/USD movements today.
Current situation in EUR/USD is more of a tossing a coin game where every toss is a carrying a 50% chance of being head or tail.
Watch the EUR/USD chart, we had 7 consecutive down days (i.e. 7 times tossing a coin and getting tail), indicating a high probability of today resulting in an up closing day or head
Let’s see what is next in terms of support and resistance levels
The pair is having 3 resistance levels at 1.1177, 1.1187 and 1.1200 breaking the last resistance level will open the door for more upside potential.
Talking about support levels, major support and buying power remains at 3 days’ low at 1.1145 .
Markets will remain n trading range waiting for the news most probably