Euro aiming higher (EURUSD forecast)

  • The Euro versus US Dollar forex rate, EURUSD has signalled a more positive tone.
  • This has been driven by hopes regarding the EU recovery fund as a Euro positive and a fading US Dollar, as markets shift to a “risk on” theme.
  • The “risk on” theme has been helped over the past 24 hours by positive soundings from Moderna regarding a COVID-19 vaccine.
  • This leaves the threat for further EURUSD gains into today, this week and July.

EURUSD bull bias reinforced

Day trade update and view

A strong advance Tuesday and overnight through 1.1375/79 resistances to match the cycle high at 1.1422, to build on Monday’s firm rebound and rally and last Friday’s intraday rebound from within our 1.1257/50 support area (from 1.1253), to keep the risk higher into Wednesday. 

Day trade setup

  • We see an upside bias for the cycle high at 1.1422 and 1.1457; a break here aims towards the 2020 cycle high at 1.1496 and maybe towards 1.1536.
  • But below 1.1323 opens risk down to 1.1299and possibly 1.1257/50.

EURUSD intermediate-term outlook

The early June rally above 1.1147 set an intermediate-term bull trend.

  • Upside risks: We see an intermediate-term bull trend for 1.1367 and 1.1496
  • What changes this? Below 1.1166 sets intermediate-term neutral theme, and only below 1.0869 a bear trend.
6 hour EURUSD Chart
6 Hour EURUSD Chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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