Chart of the day: EUR/USD

Chart of the Day: Spot EUR/USD (29/06/2020) |

EURUSD is currently trading within a range. As price is currently around 1.1250, the expectation would be to see price test 1.13 level. From a fundamental perspective, as the number of coronavirus cases continues to rise in the U.S. this will have a negative impact on the recovery process and easing of the lockdown thereby weighing on the US Dollar and investor confidence. Secondly, as German chancellor Angela Merkel and French President Emmanuel Macron are scheduled to meet today to discuss a strategy for the recovery for the region, this will be perceived as bullish for the Euro in the short term. From a technical perspective, price is above the key moving averages across multiple time frames. On the daily time frame, price has created a bull flag with the expectation of see it move higher to retest the upper section of the flag around the 1.13 level before potentially breaking out and we could actually see the EURUSD move to 1.18650 over the long term. However, in order to achieve our profit expectation, price must remain above 1.12.

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