EUR/USD Daily Fundamental Forecast – June 23, 2017

It was a slow day in the market with not much happening as the economic calendar was pretty much dried up and there werent many fundamental or economic events driving the markets. All the action was completed in the first half of the month and we are now at a stage where the market is looking ahead to the next month and hence positioning itself accordingly.

EURUSD In Tight Range

This is the reason why we have been seeing the EURUSD pair consolidate and trade within a tight range over the last 24 hours with no specific direction. There are no price drivers in the market as yet and we expect the case to be the same today as well and that is the reason why we have been seeing the pair just chopping around below 1.12. The ranges have been very less this week and with the support coming in at around the 1.1100 mark and with a lot of selling taking place in every bounce, we have been caught in this range for quite some time now.

The bulls did make a lot of attempts at the 1.13 region but they have been successively beaten back but the uptrend still continues to be alive and that is why even some serious dollar strength has not been able to push the euro much lower. The Eurozone economy has been improving and with the zone in the driver’s seat as far as the Brexit talks are concerned, the currency has been proving to be very strong and continues to remain buoyant.

Looking ahead to the rest of the day, we do not have any major economic event from the US or the Eurozone and with us approaching the end of the month, expect a lot of consolidation and ranging as the market takes some well deserved rest after all the volatility and the liquidity seen during the early part of the month.