EURUSD Adds to Recent Gains Well Beyond the 1.13 Mark, Surging COVID-19, Risk-On Mood Undermined the USD

EURUSD Adds to Recent Gains Well Beyond the 1.13 Mark, Surging COVID-19, Risk-On Mood Undermined the USD

EURUSD Price Analysis – July 13

EURUSD lengthens the recovery from the lows near 1.1257 level of Friday and accumulates ground on Monday around 1.1335/55 band. Fears about the second wave of coronavirus diseases have taken its toll on the global context of risk and driven some haven flows toward the USD.

Key Levels
Resistance Levels: 1.1495, 1.1422, 1.1350
Support Levels: 1.1257, 1.1183, 1.0950
EURUSD Long term Trend: Bullish
Daily, EURUSD is rising 0.47 percent in trade at a level of 1.1354, as the pair heads to the high of 1.1371 level in July. EURUSD is going back to its latest high level of July at 1.1371, beyond which is the trough of June at 1.1422 level.

This might continue in play as the cross stays past the level of 1.1257 beyond the two-month support line and, more specifically, beyond the low level of 1.1183 July 1. Initial upside pressure should be held past the level of 1.1257 beyond the low of Friday.
EURUSD Short term Trend: Ranging
At this point, the intraday bias in EURUSD remains stable. On the upside, the high level beyond 1.1371 may reach 1.1422 level. The breach may regain a bigger increase from 1.0635 to 1.1495 main resistance.

On the contrary, though, a breach of 1.1257 lower support level may shift the bias back to the downside, expanding the rebound to a 38.2% retraction of 1.0635 to 1.1422 at 1.1146 levels.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.