Overview :
The EUR/USD pair eases below the levels of 1.1401 and 1.1350 ( a range between 1.1401 – 1.1184). The EUR/USD pair is trading under pressure below 1.1401, 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 1.1287 minor support intact. Above 1.1184 will resume the rebound from 1.1184 to 1.1401 resistance.
Firm break there should affirm the case that correction from 1.1350 has completed at 1.1401. On the downside, however, break of 1.1287 will turn bias back to the downside back to 23.6% retracement of 1.1250 to 1.1203 at 1.1184 (doublle bottom) . This will remain the favored case as long as 1.1184 support holds. However, sustained break of 1.1350 will argue that whole rise from 1.1401 has completed.
On the other hand, if a break above the 1.1401 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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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