There was published the Germany trade balance release that is very encouraging. The net exports are growing quite confident and there is marked their increase in the second quarter. As the trade balance has an important multiplier effect - we expect positive trends on the euro zone labor market.
Buyers tried to break through above the resistance of 1.1150. The buyer failed to break this level and the price returned below it.
The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260.
There is a non-confirmed and a wael buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
We suppose the pair will go to 1.1150 first. Having overcome the first target the price might go upwards to 1.1260.