On Monday, Euro fell under pressure and reported at 1.1580. After the short-term rise to near 1.1620, Euro encountered selling pressure. The good economic data of the United States and the overall weak economic data of the Euro Zone restricted the rise of the Euro. The market expects that in the face of economic improvement and soaring energy prices, the Fed will tighten monetary policy faster than previously expected. The European Central Bank Lagarde said at an IMF meeting last Saturday that the impact of the epidemic will linger and that the European Central Bank will continue to support the Euro Zone economy.
From a technical perspective, Euro’s daily candle continue to close with small bullish and bearish candle, which indicates that market confidence is insufficient. H4 graph shows formation of M pattern and EURUSD is unable to break away from the fluctuation zone. The overall indicator is neutral. Overall, prioritise operation within the fluctuation zone, the deciding point whether to buy or sell is near 1.1620.
Resistance：1.1600-1.1620-1.1640
Support：1.1550-1.1520-1.1500
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