Chart of the Day: EUR/USD

Chart of the Day: Spot EUR/USD (06/08/2020) | alb.com

European stock markets are mixed on Thursday, with German factory orders rising by 27.9% versus the forecast of 10% potentially signaling that the manufacturing hub of Europe might be recovering much quicker than initially thought. The Bank of England kept monetary policy unchanged at 0.1% and the size of its bond buying program at £745 Billion. As the U.S. Democrats and White House officials are unable to reach an agreement in terms of the stimulus package, we continue to see the U.S. Dollar under pressure with the Dollar Index finding temporary support around 92.44. This has helped other assets classes such as Gold reach new highs. The Euro has also benefited from Dollar Weakness having reached a high of 1.1916 today. However, the EURUSD has been unable over the last week to close above 1.18774 suggesting an area of resistance. Although it has broken out of its downward sloping channel, there is significant overhead resistance as price remains under the 200 simple and exponential moving averages on the monthly time frame. Furthermore, the momentum which we have seen, suggests that a potential pullback may be on the horizon.

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