The EUR/USD pair has been trading downwards since the 20th of June, with the sellers pushing the price from as high as 1.1381 to as low as 1.1237.
The major fell during the course of the day on Tuesday, reaching the daily low of 1.1242. Today, the pair rose modestly up to 1.1270, following a selling sentiment around the dollar.
Market participants are expected to remain cautious, as we approach the EU referendum due tomorrow. Data wise, the dollar will be the highlight today, ahead of the release of existing home sales and another testimony by Fed Chair Janet Yellen.
In the event that the price breaks above 1.1308, the pair could rise up to 1.1344 and 1.1381 in extension.
Alternatively, in the scenario where the price breaks below 1.1227, the pair could find support at 1.1185 and 1.1132 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.