EURUSD Resumes the Week on a Strong Note Beyond 1.1257 Level as Investors Ignore Rising US Coronavirus Cases

EURUSD Price Analysis – June 29

The single currency seems to have left some of the recent negativity aside and is now pushing EURUSD to new daily highs in the vicinity of 1.1273 level beyond 1.1257 marks while losing some momentum later on. Meanwhile, investors continue to evaluate the rate of economic growth in the Old Continent versus the latest pick-up in cases involving US coronavirus.

Key Levels
Resistance Levels: 1.1495, 1.1422, 1.1366
Support Levels: 1.1183, 1.0950, 1.0635

EURUSD Long term Trend: Ranging
EURUSD has started Monday’s session after 3 straight daily sell-offs with solid gains just beyond the 1.1200 mark despite some reversal in the U.S dollar. The pair is currently gaining 0.51 percent past the level 1.1257 and a breakout of level 1.1271 may aim level 1.1366 (high) heading to level 1.1422 (high).

Local support is at level 1.1226, which is still being contested for and last week was a swing-high. On the drawback, the next lines of support go up at level 1.1183 seconded by level 1.1146 and eventually level 1.1035 (low).

EURUSD Short term Trend: Ranging
So far the pair has worked to contain the neckline support of a bearish a double-top pattern on short-term charts from a technical standpoint. It makes it appropriate to wait through its known support for a continuous breach, around the zone of 1.1200-1.1183.

For the flip side, any eventual successful move past the level of mid-1.1200 may now boost the pair to strive back to regain the 1.1300/20 mark. nAny follow-through weakness beneath the support levels of 1.1183-46 may validate a near-term bearish breakdown and pave the way for a further short-term decline.

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