Bottom line: EURUSD weekly chart reveals that bulls are expected to remain in control until 1.0636 is intact. It is expected to find support around the 1.1200 zone before the rally could resume higher again.
Fundamental Outlook:
EURUSD had touched 1.1400 mark last week before reversing as the US Dollar gained against majors. As the COVID-19 fears returns, risk aversion continues over the last few sessions. SPX500 has lost over 7%, while the Dow Jones close to 8% since June 09, 2020. This has aided the Safe Haven US Dollar, as it emerges strong against most majors.
GBPUSD is expected to remain volatile ahead of the meeting between UK’s Prime Minister Boris Johnson and European Commission President Ursula Von der Leyen, over Brexit today. The GBPUSD exchange rate has dropped to 1.2500 mark after last weeks’ high above 1.2800.
FTSE remain no different as DAX, Dow Jones and SPX500 continue their slide from last week. FTSE is down over 8% since June 09 high at 6513, as we write this article. The indice faces further volatility over Brexit negotiations, in addition to risk aversion.
Technical Analysis:
EURUSD remains in control of bulls for now, as they seem to be poised to push through 1.1500 resistance over the next few weeks. After printing fresh highs above 1.1400 mark last week, EURUSD is correcting lower as we write this article. Interim support is seen towards 1.1900/1.1200 levels.
EURUSD should find support around the above mark, as it is also the fibonacci 0.382 retracement of the recent rally between 1.0870 and 1.1385 respectively. Once a higher low is carved around 1.1200 levels, bulls are expected to resume higher towards 1.1500 levels.
Traders might remain focused to buy again around 1.1200, with protective stops below 1.1000 and projected targets above 1.1500, going forward. Only a drop below 1.0775 would void the above bullish structure.
Prepared by
Harsh Japee, Technical Analyst.
EURUSD Chart
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