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EUR/USD Price Rebounds From a Well-Defined Support Level

EUR/USD Price Rebounds From a Well-Defined Support Level

Mahmoud Alkudsi, Analyst

Euro vs US Dollar Technical Outlook

  • Investors weigh positive data versus the accelerating virus spread
  • Bullish signals on EUR vs USD price chart

EUR/USD- Hesitant Bulls

On Tuesday, EUR/USD climbed to its highest level in a week at 1.1348 then retreated after highlighting bull’s reluctance to steer the price higher. Yet, the weekly candlestick closed on Friday in the green with a near 0.4% gain.

The market’s optimism weakened due to the surging coronavirus cases in the US and elsewhere. However, the recent positive economic performance in Europe and the US kept demand on riskier currencies intact.

EUR/USD DAILY PRICE CHART (AUG 1, 2018 – July 3, 2020) Zoomed Out

EURUSD Daily price chart 03-07-20 zoomed out
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EUR/USD DAILY PRICE CHART (MaRCH 27– July 3, 2020) Zoomed IN

EURUSD Daily price chart 03-07-20 zoomed in

On June 16, EUR/USD corrected its upward trend and traded in a downside channel creating a bull flag pattern. Last week, the price climbed to the current trading zone 1.1205 – 1.1370 and was rejected on multiple occasions around the low end of the zone indicating that the market may resume bullish price action.

A close above the high end of the aforementioned zone may cause a rally towards 1.1508, and any further close above that level could extend the rally towards 1.1639.

On the other hand, any close below the low end of the zone signals that EURUSD could press towards 1.1097. A further close below that level could send the price even lower towards 1.0992.

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EUR/USD Four-Hour PRICE CHART (JUne 1 – July 3, 2020)

EURUSD Four Hour price chart 03-07-20

Yesterday, EUR/USD failed to break above the higher line of the downside channel discussed above on the daily chart and reversed lower towards the uptrend line originated from the June 2 low at 1.1115. Hence, a break below this line would generate a bearish signal while any break above the higher line of the downside channel mentioned above would generate a bullish signal.

To conclude, a break above 1.1388 may trigger a rally towards 1.1464 while, a break below 1.1168 could send EURUSD towards 1.1107. Nonetheless, the weekly support and resistance levels underlined on the four-hour chart should be monitored.

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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.

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