EURUSD: bears hold their ground at around 1.1625

In the first half of the trading day, the EURUSD pair has seen mixed dynamics. The declining euro crosses brought the rate down to 1.1565. As trading opened in London, it recovered to 1.1620. Here, most of the crosses went into positive territory. The bulls managed to push the price up and partially recover their losses after Thursday’s collapse.

Market participants have their eyes on developments with regard to the strained trade relations between the US and China, as well as on the results of the Bank of England’s meeting taking place this Thursday (21st of June).

The euro is very likely to continue moving south. There is a support level at 1.1578. The NAHB housing market index is coming out in the US later, and there will also be speeches from FOMC members Bostic and Williams. I reckon that the euro will hit a new low against the dollar in the next 2 or 3 days.

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