Forecast of the EUR / USD currency pair 09/07/20
Published on 09.07.2020 12:29

Today we will pay attention to the EUR / USD currency pair. By the opening of the European trading session, buyers managed to break through the resistance level at 1.1350, but currently buying activity remains very weak. As a result, there is a risk of the pair returning to 1.1300-1.1330. A breakthrough and subsequent fixation of the pair below the level of 1.1300 will cancel the bullish scenario, which sees the pair rising to 1.1450 and further to 1.1500.

Trading Outlook:

The main scenario sees further growth to 1.1450 and further on to 1.1500. There is a risk of a deep correction to 1.1300. Therefore, buying activity remains a risk.

The alternative scenario takes into account the breakdown of the psychological support at 1.1300, which cancels the main scenario and may create a tight trading range between 1.1190-1.1350.

Further strengthening of the pair may only be possible with further weakening of the USD. It is worth noting that the USD has only strengthened against the EUR and GBP, while against the AUD, NZD, CAD and JPY it has weakened. Therefore, the risk of the resumption of the uptrend remains.

The above review is not a direct guide to action, but carries an exclusively recommendatory nature.

Andrew Masters


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