As a result of the positive data that came out of China which could be signs of an easing of the trade tensions between the U.S and China, we saw the global indices move higher. We also have during the European session economic data which could affect the Euro. From a technical perspective, the Euro has broken out of a descending channel and across multiple times frames trading above key multiple moving averages.
It is also above the 1.12 psychological level and the descending channel, from a charting perspective created a protracted bull flag. The projection of the pole portion of the bull flag, gives an expectation of seeing price achieve the 1.1441 level. What is also interesting to note is that the swing high made on 09/03/2020 is at 1.14967. Therefore, if the volatility that we've seen in the markets continue and we also get further weakness in the U.S. Dollar, this will be bullish for the Euro and see price move higher.
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