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EUR/USD Struggling to Push Higher, EUR/GBP Ranging - Euro Forecasts

EUR/USD Struggling to Push Higher, EUR/GBP Ranging - Euro Forecasts

2020-06-12 20:30:00
Nick Cawley, Strategist
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EUR/USD and EUR/GBP Price, News and Analysis:

  • EUR/USD short-term reversal forming.
  • EUR/GBP looking to consolidate a new range.
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EUR/USD Looking to Fade Lower

EUR/USD is struggling to hold recent gains after Thursday’s sell-off candle reversed lower and paused recent bullish sentiment. The pair have now started a series of lower highs and if EUR/USD trades below 1.1241 today, then a series of lower lows will also have been initiated. Wednesday’s multi-month high at 1.1424 may stay unchallenged in the short-term unless the US dollar continues to sell-off. Initial support off the 61.8% Fib retracement at 1.1167 before the 20-dma at 1.1148.

EUR/USD Daily Price Chart (November 2019 – June 12, 2020)

EUR/USD Struggling to Push Higher, EUR/GBP Ranging - Euro Forecasts

EUR/GBP Looking to Set a New Range

EUR/GBP remains a range-trade with prior resistance at 0.8865 now turned to support. This level has been tested and rejected three times in the last month and continues to provoke a bullish reaction. Guarding this support is the 50% Fib retracement at 0.8891. To the upside there are a cluster of recent highs between 0.9008 and 0.9018 which should hold for now, before the 38.2% Fib retracement at 0.9035 comes into focus. Both currencies look weak on their own and if this continues then EUR/GBP will likely remain range-bound for the near-future.

EUR/GBP Daily Price Chart (2019 – June 12, 2020)

EUR/USD Struggling to Push Higher, EUR/GBP Ranging - Euro Forecasts
EUR/USD BULLISH
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Change in Longs Shorts OI
Daily -2% 10% 5%
Weekly -2% 7% 4%
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What is your view on EUR/USD and EUR/GBP – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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