EUR/USD Daily Price Forecast – EUR/USD Still Holds StrongThe pair has been trading within a tight range over the last few days as the bulls try to hold the 1.15 support region
The EURUSD pair continued to hold fort around the 1.15 region on Friday and the story has been the same as of today as well. The pair made a recovery from the lows of the range on Thursday and since then, the bulls have been able to hold the support region which gives them hope for the near future. There have been a few developments in the Brexit process which has added to the bullishness of the euro and we are also seeing some of the established funds coming around to the idea that the downside in the euro might be limited after all.
EURUSD Holds 1.15
Now that the bulls have managed to hold support, next, they are likely to start thinking of increasing the buying and trying to push the euro higher. It may not be an easy task against the dollar which has been getting a lot of support from the Fed, of late. We have seen the dollar being well supported as the Fed has been hiking rates as per schedule and as per expectations of the market which has only increased its status as being one of the most stable currencies around, to invest in during times of crisis. This has been the case with the dollar for long but that feeling has only increased in recent times.
The dollar has been further supported by the talk from the Fed Chief Powell who has made it clear that the rate hike cycle is not close to its end as yet and this has only further boosted the dollar. Under these circumstances, it is to the credit of the euro bulls that they have managed to hold the support region around 1.15 but the move higher is only going to get more and more difficult in the days ahead. The economic news on the calendar is pretty much limited as of today and hence we can expect the euro to consolidate and range for most of the day.