[EUR] Euro rallies

EUR/USD 4-hour chart, source: forexfactory.com

EUR/USD weekly chart, source: forexfactory.com

One of the major currencies Euro rallies against U.S. Dollar after the attempt to rise. Euro has the long position bias but there may be the possibility of facing the resistance price band around 1.1150. We need to check whether the price of 1.1025 acts as support line.

Euro has made the price band of 1.15s the resitance line. EUR has attempted to break through the price band but failed. It seems to be difficult to succeed in mid or long-term. When the bottoms reaches before the price band, there will be a hot match between long position and short position.

And the Sterling strengthened as Theresa May emerged to succeed Prime Minister David Cameron, removing some of the political uncertainty that has hit the currency in the wake of the Brexit vote. Mark Carney, Bank of England governor said on Tuesday that a negative consequences from the Brexit vote on the U.K. economy could prompt the central bank to act, signaling that more stimulus is on the way.

Shinzo Abe, won the election on Sunday, has proclaimed the stimulus in Japan economy. His measures include weak Japanese Yen.