- The EUR/USD pair eases below the levels of 1.1990 and 1.1927 ( a range between 1.1927 – 1.1847).
- The EUR/USD pair is trading under pressure below 1.1927, as the US dollar rebounds in tandem with the treasury yields amid rising high expectations. Europe’s covid19 concerns continue to undermine the euro.
- Intraday bias in EUR/USD remains neutral for the moment. Further rise is in favor with 1.1847 minor support intact. Above 1.1847 will resume the rebound from 1.1927 to 1.1900 resistance.
- Firm break there should affirm the case that correction from 1.1900 has completed at 1.1927.
- On the downside, however, break of 1.1927 will turn bias back to the downside back to 78% retracement of 1.1881 to 1.1847 at 1.1813.
- This will remain the favored case as long as 1.1771 support holds. However, sustained break of 1.1927 will argue that whole rise from 1.1990 has completed.
- On the other hand, if a break above the 1.1927 level, then we could go looking towards the 100 day EMA, but at this point in time it does not look as if that is going to be easily done. However, if yields in America continue to fall that may actually help this happen eventually.
The material has been provided by InstaForex Company – www.instaforex.com
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