Listen to the latest market mood for the EURUSD pair.

Strong EUR, Weak USD

The outlook for the EURUSD is that the 1.1900 level should remain significant due to a large option expiry level at 1.19000. The majority of these options have a call (buy) bias, so the weak Dollar Index this am should pull prices towards the level.

Expect the break of the trend line on the 1 hr chart to precipitate a move up to 1.1900 before the NY cut at 14:00GMT. Typically a large option expiry level will cap prices at that point until the NY cut has passed (post 14:00GMT). However, with the dollar weakness continuing from last week the 1.1900 may act as a support area for the price, so keep an eye for any price action rejecting the 1.1900 level particularly for in the second half of the European session after 14:00GMT.

Expect buyers on the breakout marked for the EURUSD pair.

Trade Risks: If we see a strong risk-off sentiment enter the market that can result in dollar strength.