EUR/USD could find a base around 1.10/1.11 – Westpac

In opinion of strategists at Westpac, the pair could be attempting to find a base in the 1.11/1.10 band.

Key Quotes

“UR likely to find a base into 1.10-1.11, amid potentially diminished June 15 Fed hike expectations if the ISM and payrolls reports both miss expectations, as seems likely if the regional PMIs, jobless claims and Verizon strikers have their say”.

“EUR likely to bask into the afterglow of a more upbeat Draghi press conference, certainly upwardly revised staff CPI projections should limit his scope for dovishness”. 

“200 day moving average coming in just under 1.1100 and trend support also near the same levels. MACD also rolling over on daily and weekly charts”.