EUR/USD Daily Levels – 12th June 2020
EUR/USD is currently consolidating, moving between 1.13567 and 1.12745.
Price is testing an intermediate intraday resistance at 1.13222, a close below this zone is likely to see prices fall towards the upper trendline support at around 1.12904.
A break below this trendline could see a bigger move towards the downside. It is worth noting that on the weekly and monthly time frame, there are large upside wicks. This pair has had a huge upside rally so a short term pullback is to be expected.
The Dollar Index is also holding above a key 96.50 support level, after heavy selling, we may begin to see a short term retracement here in the dollar index with 97.40 in sight.
This would provide the momentum needed for EUR/USD to push lower.
As mentioned under market news, a recent increase in covid-19 cases within the US has sparked fears over a new secondary wave of COVID-19 cases, this could see new USD safe-haven buying.