Euro traded above both December high and 200 DMA last week before pulling back sharply. One of the reasons was weak core inflation print which doesn't support ideas of any sooner than expected tightening by the ECB.

The pair lost a good cent on the week with the range of two and a half cents. Established S/R line near 1.0650 is holding for now, reinforced by 50 and 100 DMA. Current downswing may extend to the trendline, drawn off of January and March lows.

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