Bottom line: EURUSD long term bullish structure remains intact as weekly chart patterns hold, along with 1.0636 lows. EURUSD could produce corrective drops towards 1.0850 levels and provide further opportunities to initiate long positions.
Fundamental Outlook:
EURUSD had gained last Friday primarily after the European Central Bank left interest rated unchanged. The EURO closed the week higher as bulls managed to push through the 1.1000 mark. The bullish sentiment is expected to continue as ECB remains committed for further measures to counter economic impact caused due to COVID-19 pandemic.
FTSE had managed to rally towards the 6200 mark along with Global Indices, until Friday reversal. The indice would be taking cues from Bank of England meeting on interest rates this Thursday. The BoE is expected to follow footsteps of Fed and ECB in keeping rates unchanged. FTSE might come under pressure as Global Recession looms ahead.
GBPUSD managed to gain last week and managed to touch 1.2640/50 mark before pulling back. With no major event risk until Thursday, the currency pair may continue to move range bound between 1.2300 and 1.2600 respectively. In the immediate short term GBPUSD might come under pressure as US Dollar might gain amidst a trade war between US and China.
Technical Analysis:
EURUSD bulls managed to get past 1.1000 mark last week after printing a potential low around 1.0730 levels on April 24, 2020. The recent upswing between 1.0730 and 1.1019 levels could be retraced lower before bulls managed to take control back. In the near term, we can expect EURUSD to push beyond 1.1500 mark.
Structurally, EURUSD might have carved a meaningful low around 1.0636 levels and bulls could remain poised to print a series of higher highs, going forward. Intermediary resistance is seen towards 1.1150 levels, March 27 highs, while support is at 1.0730 followed by 1.0636 respectively.
EURUSD bulls are targeting 1.1500 levels in the near term, which could be encouraging for bulls. Any corrective drops thereafter could provide medium term bullish opportunities targeting 1.1800 and higher. Bottom line is that 1.0636 lows should remain intact.
Traders might hold on to long positions targeting above 1.1500 levels in the near term. Risk remains just below 1.0636 levels respectively. Intraday support should come in around 1.0850 levels as bears prepare for a pullback.
Prepared by
Harsh Japee, Technical Analyst.
EURUSD Chart
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