EUR USD preserved its strong bid tone
8/2/2016 9:11:30 AM
The EUR/USD pair preserved its strong bid tone and touched 1.1200 handle for the first time since the historic Brexit referendum on June 23. After a brief pause on Monday, a broadly weaker USD is spreading support for the major to keep on with its near-term rising trajectory on Tuesday. The pair got a further improvement after data from Euro-zone showed the number of unemployed people in Spain released more-than-anticipated during the month of July. From current levels the pair appears to expand its rising trajectory towards its next major persistence near 1.1250 regions, above which a fresh leg of up-move would be caused and lift the pair towards 1.1300 round figure mark. On the other hand, 1.1170 level now seems to act as instant support. A follow over selling pressure, taking the pair below 1.1150 level, has the possibility to take the pair towards 1.1120 area ahead of the very important 200-day SMA support near 1.1080 region.