{"id":127809,"date":"2018-06-05T07:15:10","date_gmt":"2018-06-05T11:15:10","guid":{"rendered":"http:\/\/countingpips.com\/?p=127804"},"modified":"2018-06-05T07:15:10","modified_gmt":"2018-06-05T11:15:10","slug":"investors-await-draghis-speech-a-week-before-ecb-meeting","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/06\/investors-await-draghis-speech-a-week-before-ecb-meeting\/","title":{"rendered":"Investors await Draghi\u2019s speech a week before ECB meeting"},"content":{"rendered":"
June 5, 2018<\/div>
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By Orbex<\/a><\/strong><\/p>\n

Looking ahead, the economic calendar for the day will see the release of the\u00a0services PMI data from the Eurozoneand the UK. The services PMI in the UK is forecast to rise to 52.9, marking a slight increase from 52.8 registered in April.<\/p>\n

The ECB President, Mario Draghi is expected to speak later in the day. His comments come just a week before the ECB\u2019s meeting. In the U.S. trading session, the ISM\u2019s non-manufacturing PMI data is expected to show an increase to 57.9, marking an increase from 56.8 seen in April.<\/p>\n

Register now for our upcoming webinar where James Harte will be looking at a variety of MT4 indicators and how to use them effectively!\u00a0<\/strong><\/p>\n

EURUSD intra-day analysis<\/strong><\/h2>\n

\"eurusd<\/p>\n

EURUSD (1.1692):<\/strong>\u00a0The EURUSD currency pair was seen posting some gains on the day despite the gains being limited. With the U.S. dollar taking a backseat, the common currency managed to test intraday highs near the resistance level of 1.1730. The gradual consolidation is expected to see the EURUSD maintain the range within 1.1730 and 1.1610 levels. A breakout from this level, preferably to the upside could potentially send the currency pair to test the next main resistance at 1.1840. To the downside, the support at 1.1610 \u2013 1.1577 could stall the declines.<\/p>\n

USDJPY intra-day analysis<\/strong><\/h2>\n

\"usdjpy<\/p>\n

USDJPY (109.87):<\/strong>\u00a0The USDJPY currency pair managed to breakout from the resistance level after brief consolidation and pushed modestly higher on the day. The upside is now expected to see the USDJPY aiming for 110.62 level of resistance. However, there is a risk that the currency pair could slip below the support at 109.57 \u2013 109.43. In this event, USDJPY could be seen pushing lower to 108.90 where a retest of support is still pending.<\/p>

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XAUUSD intra-day analysis<\/strong><\/h3>\n

\"xauusd<\/p>\n

XAUUSD (1292.08):<\/strong>\u00a0Gold prices continued to drift lower with the precious metal seen testing the lows of around 1292. We expect to see further declines in the near term as gold prices could likely ease back to the 1282 level of support. Establishing support here could signal a bottom being formed with further gains likely to come to the upside. A breakout of the resistance level near 1304 \u2013 1301 is essential for gold prices to test the next main resistance at 1325.<\/p>\n

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By Orbex Looking ahead, the economic calendar for the day will see the release of the\u00a0services PMI data from the Eurozoneand the UK. The services PMI in the UK is forecast to rise to 52.9, marking a slight increase from 52.8 registered in April. The ECB President, Mario Draghi is expected to speak later in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-127809","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/127809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=127809"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/127809\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=127809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=127809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=127809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}