EURUSD Edges Lower as Support Emerges at 1.1200 Level Amid Fresh U.S COVID-19 Resurgence

EURUSD Edges Lower as Support Emerges at 1.1200 Level Amid Fresh U.S COVID-19 Resurgence

EURUSD Price Analysis – June 18

EURUSD has been edging down, trading beneath the level of 1.1257, with US coronavirus concerns outweighing growing numbers. The FX pair broadens the consolidation pattern in the mid part of the week beyond the level of 1.12, thus far.

Key Levels
Resistance Levels: 1.1495, 1.1422, 1.1320
Support Levels: 1.1200, 1.0950, 1.0635
EURUSD Long term Trend: Ranging
In the wider context, the entire downtrend from 1.2555 (high) level may still be in effect as long as 1.1495 resistance level holds. The next aim is level 1.0339 (low). Nevertheless, a continuous breach of the 1.1495 level may suggest that such a downward trend is over.

Then, the increase from level 1.0635 may be seen as a third phase of the trend from level 1.0339. In this scenario, the trend is altered bullish for a 1.2555 level retest.
EURUSD Short term Trend: Ranging
Intraday bias in EURUSD stays neutral first. On the upside, a break of 1.1422 level will resume the whole rebound from 1.0635 level and target 1.1495 key resistance level next.

On the downside, a break of 1.1226 level will resume the fall from 1.1422 level to 38.2% retracement of 1.0635 to 1.1422 at 1.1146 levels. The sustained break there will argue that the whole rebound from 1.0635 level has completed and brought a deeper fall to 61.8% retracement at 1.0950 level.

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Author : Azeez Mustapha

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