EUR/USD I 10.30.2020 I
Hi everyone,
EUR/USD is back under pressure again and there are many reasons to be bearish on this pair:
1- Resurgence of Covid-19 cases across Europe.
2- Major European countries closing their borders and in lock down again like Germany,France and Spain.
3- ECB's dovish tone back in play.
4- Lagarde signaling of a probable move in December.
5- GDP and some other good US data attracting investors towards the USD again.
Technical picture:
1- The EUR/USD at one month low, putting the swing low at 1.161 at risk.
2- Trading below 50,20 Day SMA.
3- 1.1640-50 is a critical support : 100 day SMA, 20 week SMA, 123.6% Fibo level.
4- Next target to the downside is the 1.1610 figure.
EUR/USD is back under pressure again and there are many reasons to be bearish on this pair:
1- Resurgence of Covid-19 cases across Europe.
2- Major European countries closing their borders and in lock down again like Germany,France and Spain.
3- ECB's dovish tone back in play.
4- Lagarde signaling of a probable move in December.
5- GDP and some other good US data attracting investors towards the USD again.
Technical picture:
1- The EUR/USD at one month low, putting the swing low at 1.161 at risk.
2- Trading below 50,20 Day SMA.
3- 1.1640-50 is a critical support : 100 day SMA, 20 week SMA, 123.6% Fibo level.
4- Next target to the downside is the 1.1610 figure.
Ramzi Abou Abdallah, CFTe, CMT
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