The Euro bounced towards our 1.1280 resistance level where price immediately met with sellers on the back of the better-than-expected US housing data, pushing the pair below the 50-period SMA. Interestingly, the US Dollar held its ground despite the upbeat China manufacturing PMI and the risk-on overnight rally in equities, signaling a potential USD bullish move might be on its way. Traders will focus on the US Consumer Confidence figure and also Fed’s Powell testimony for any fresh momentum.
Support: 1.1195 / 1.1170
Resistance: 1.1280 / 1.1345
