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EURUSD has flirted with 1.2200 support for several days now. The level is critical as it represents a quadruple bottom all the way from 2017.
There are however good reasons to think that the pair may ready to break that key support level.
As US rates are climbing through the 3% level the ECB is getting left further and further behind. IFO economists predicted today hat German GDP would increase at 0.4% versus 0.6% rate of Q4 which is consistent with the latest PMI reading from the EZ.
The news is likely to keep ECB firmly neutral in its monetary policy stance on Thursday and the single currency could see further weakness if President Draghi suggests that the central bank many not consider tightening rates until well into 2019.
If 1.2250 is given, the shorts will target 1.2000 as the next level of decline.