EUR/USD Outlook (7th June 2019)

• Rates expected to remain unchanged at least through Q2 of 2020
  
• EUR/USD rejected support level
  

Price Movement
Since yesterday, EUR/USD moved up by around 85pips before moving back down by around 45pips.

Trend
Overall, EUR/USD is trending upwards.

Important Issue
Yesterday during the ECB’s press conference, ECB President Mario Draghi mentioned that the Governing Council is expecting the key ECB interest rates to “remain at their present levels at least through the first half of 2020, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term”.

Technical
Yesterday, EUR/USD tested and rejected the support level of 1.12300.

Price Levels
Current Price: 1.12628
Next Resistance: 1.14200
Next Support: 1.12300