EUR/USD: Reaching the 1.10 mark. What's next?
Part 1/2:
Hi traders, the EUR/USD pair has another attempt to break above the 1.10 resistance on the daily chart, following a new sell-off in the US dollar and optimism about a joint EU recovery fund.
Better-than-expected PMI numbers coming from Europe this morning also pushed the euro higher, and we're now waiting for PMI reports from the US. The euro still has a relatively low score in our Economic Surprise Index, and flows still support a higher US dollar.
We'll be following the pair closely and see how the price behaves around current levels. It would take some significant USD weakness to the push the pair above the 1.10 mark and up to the 1.1150 mark, which is the 61.8% Fib level.
Let me know in the comment section what you think of the EUR/USD pair.
Please hit the "LIKE" button if you liked our analysis. Thanks!
Hi traders, the EUR/USD pair has another attempt to break above the 1.10 resistance on the daily chart, following a new sell-off in the US dollar and optimism about a joint EU recovery fund.
Better-than-expected PMI numbers coming from Europe this morning also pushed the euro higher, and we're now waiting for PMI reports from the US. The euro still has a relatively low score in our Economic Surprise Index, and flows still support a higher US dollar.
We'll be following the pair closely and see how the price behaves around current levels. It would take some significant USD weakness to the push the pair above the 1.10 mark and up to the 1.1150 mark, which is the 61.8% Fib level.
Let me know in the comment section what you think of the EUR/USD pair.
Please hit the "LIKE" button if you liked our analysis. Thanks!
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