EUR/USD: Upside stalled stuffy the 100-hours of hours of daylight SMA
The march north in EUR/USD appears to have met a tough resistance in the 1.1450 region, where sits the key 100-hours of day SMA.
Extra gains pretentiousness the pair to flattering this place upon a sustainable note. The 1.1500 neighbourhood should as well as emerges as the neighboring-door intention.
In the meantime, the constructive slope of view in the pair should remain unchanged while underpinned by the 1.1290 place, where coincide YTD lows and the hasty-term retain pedigree.
The EURUSD accelerates its bearish momentum below the 1.1200 level and it may reach the 1.1100 level which has acted as suport in the past. To the upside, the 1.1200 level may act as resistance due to the fact that it was support in the recent past.
The weekly chart clearly shows how the pair went North for two weeks, then tested the South for two weeks, and in the last week overcame the distance from the southern border of the descending channel to the upper one, and successfully passed the level of the descending moving average. At the close of trading, the pair froze at the very top of the channel, which is a power level, and also psychologically significant.
But this is from a technical point of view.
And on the Foundation, we should now expect continued volatility and uncertainty, as both regions pour billions of dollars of liquidity into their economies. And in both regions, the number of infected people is growing. In this regard, it is interesting to know the figures for unemployment in Europe. It is obvious that we are approaching a period when economies will start reporting their losses. And, depending on the release of data, the markets will act accordingly.
The EURUSD drops rapidly from the 1.1000 level and is heading to the 1.0800 level, which could act as support, but the 1.0700 level could be a better support for the pair.
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And on the Foundation, we should now expect continued volatility and uncertainty, as both regions pour billions of dollars of liquidity into their economies. And in both regions, the number of infected people is growing. In this regard, it is interesting to know the figures for unemployment in Europe. It is obvious that we are approaching a period when economies will start reporting their losses. And, depending on the release of data, the markets will act accordingly.
My EUR/USD forecast. Monday/Tuesday I'll try open SELL position at 1.1095.
H4 MA200 level 1.1095 is support.