EUR/USD & NY Empire State Manufacturing Index: Not a major catalyst for today
Today should be a very flat day in the markets, as in most of the European and South American countries will have holidays. That's why we're seeing a very light economic calendar, but on the American's side, we'll have the NY Empire State Manufacturing Index to be released at 12:30 GMT, where the markets are expecting an increase from 0.55 to 2.50. That should have the medium impact on US Dollar across the board.
Our technical picture for EUR/USD at H4 chart is still pointing to the downside, as the resistance zone of 1.1225, which coincides with the 61.8% Fibonacci level of the Brexit's decline, remains very strong. That should give further hints of possible strengthening on the greenback, but the weakness is still alive. The nearest support zone is located at the 1.1073 level and it should be key during this week. In the bullish scenario, a breakout above the 1.1225 level will expose the pre-Brexit high to be tested on a mid-term basis.