Forex Analysis:EURUSD Carves Potential Low At 1.0775

Bottom line:  EURUSD bullish structure is expected to remain intact until prices stay abov…

Bottom line:  EURUSD bullish structure is expected to remain intact until prices stay above 1.0636 lows. A push above 1.1500 resistance would confirm that the longer term trend remain higher.

Fundamental Outlook:

Nearly 10 million U.S citizens applied for benefits over jobs lost in the past few weeks. This number is exceedingly higher since 2009. Adding further to this, COVID-19 cases continue to rise with U.S topping the list of total affected cases around 336,830. Fresh cases added in the past 24 hours were +157, as the country prepares to face a tough week ahead.

The Euro awaits a decision on Corona bond, and this might affect the price action. Countries like France. Spain and Italy, which are hard hit by the Corona crisis are in favour of the above as it would reduce their cost of borrowings. If an agreement is reached, it could boost the EURO while a rejection of the deal could further put pressure on it.

Technical Analysis:

EURUSD pair has been retracing its earlier gains (rally between 1.0636 and 1.1150), since last week. The drop has been corrective until this point in writing, and the single currency pair might have carved a higher low around 1.0775 levels, last Friday. If the above structure holds, we might witness a continued rally, going forward.

Please note that EURUSD has found support around the fibonacci 0.618 retracement of the previous rally at 1.0775. A bullish bounce here could push prices towards 1.1500 levels, which is also marked as immediate resistance. The above should be encouraging to bulls, I the long term.

 

Most traders might be willing to initiate fresh long positions around 1.07801.0800 levels with protective stops at 1.0636 and target price above 1.1500 respectively. This would also confirm that bulls are here to stay over the long term.

 

Prepared by

Harsh Japee, Technical Analyst.

 

EURUSD Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

本文来自网络,不代表迈投财经立场,转载请注明出处:http://www.myfxtop.cn/analysis/25965.html

为您推荐

联系我们

联系我们

在线咨询: QQ交谈

邮箱: myfxtop@hotmail.com

9:30 - 18:00/Mon-Fri
返回顶部