EUR/USD Outlook (19th June 2019)

• Draghi’s dovish speech
  
• Rekindling a trade relationship
  
• EUR/USD broke support level
  

Price Movement
Since yesterday, EUR/USD moved down by around 40pips.

Trend
Recently, EUR/USD is trending downwards.

Important Issue
Yesterday, speaking at the ECB Forum on Central Banking in Sintra, ECB President Mario Draghi mentioned that “Looking forward, the risk outlook remains tilted to the downside, and indicators for the coming quarters point to lingering softness” and that “In the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required”, expressing signs of dovishness in the Euro.

Also yesterday, U.S. President Donald Trump tweeted that he “had a very good telephone conversation with President Xi of China” and “will be having an extended meeting next week at the G-20 in Japan”.

Technical
Yesterday, EUR/USD tested and broke the 1.12200 support level.

Price Levels
Current Price: 1.11940
Next Resistance: 1.12200
Next Support: 1.11350