• EUR/USD reclaims the area above the 1.1900 level.
  • The next target of note emerges at the 1.1980/90 band.

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EUR/USD is trading above 1.19, nearing the monthly high at 1.1927 as equities move off daily lows while US Treasury yields remain subdued. A critical ten-year Treasury auction is eyed. Covid concerns are weighing on the euro.

EUR/USD reverses the initial pessimism and advances beyond the 1.1900 hurdle at the beginning of the week.The rebound from YTD lows near 1.1700 remains healthy so far. A sustainable breakout of recent swing high should open the door to further gains with the next target at the 50% fibonacci retracement . A surpass of this area allows for a move to the key 1.2000 hurdle which coincides with the bearish parallel channel resistance.

The EUR/USD pair is near its recent high at 1.1927, the immediate resistance. The risk is skewed to the upside, although the bullish potential seems limited in the near-term.If EUR/USD break closes below recent low at 1.1860, we will see bearish traders pushing the market towards 1.171 support and further below awaits the lower boundry of the channel

The material has been provided by InstaForex Company – www.instaforex.com

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