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EUR/USD Price Forecast: Bullish Momentum Still in Place

EUR/USD Price Forecast: Bullish Momentum Still in Place

Mahmoud Alkudsi, Analyst

Euro vs US Dollar Technical Outlook

  • The market adjusts between recovery expectations and Coronavirus fears
  • Bullish signals on EUR vs USD price chart

EUR/USD - Recovered Losses

At the start of July, EUR/USD declined to an over one week low at 1.1185. However, the price reversed higher and closed the weekly candlestick in the green with a 0.3% gain.

Investors hoped that global monotony and fiscal stimulus measures would help to lead to a faster recovery. Additionally, market fears seemed less than earlier this year as any possible lockdown would be imposed locally.

EUR/USD DAILY PRICE CHART (AUG 1, 2018 – JuLy 10, 2020) Zoomed Out

EURUSD Daily Price Chart
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EUR/USD DAILY PRICE CHART (May 21 – JULY 10, 2020) Zoomed IN

EURUSD Daily Price Chart

In late June/early July, the market’s bears were rejected at the low end of the current trading zone 1.1205 -1.1370. Yesterday, the price rallied to a four-week high and rebounded from the high end of the zone.

The daily price chart shows a bull flag signal and the pair’s outlook remains positive until the price closes below the low end of the current trading zone. A further close below that level could send EURUSD even lower towards 1.1097.

A close above the high end of the zone indicates that bulls may rally the market towards 1.1508, and any further close above that level could embolden them to extend the rally towards 1.1639.

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EUR/USD Four-Hour PRICE CHART (May 29 – JULY 10, 2020)

EUR/USD Price Forecast: Bullish Momentum Still in Place

On Monday, EUR/USD broke above the higher line of the downtrend channel originated from the June 10 high at 1.1422 and generated a bullish signal. Later on, the price failed on multiple occasions to break below this line and highlighted that bullish bias remained intact. With that said, any break below the uptrend line originated from the June 2 low at 1.1115 would generate a bearish signal.

To conclude, a break above 1.1388 may cause a rally towards 1.1464, while a break below 1.1168 could send EURUSD towards 1.1107. Nevertheless, the weekly support and resistance levels underscored on the four-hour chart should be watched closely.

Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.