EURUSD unable to break above 1.19

EURUSD unable to break above 1.19

The EURUSD has rejected the 1.1900-1.1920 zone at least 4 times in the past 2 months giving us the opportunity to sell at the top of the range whilst the DXY is bottoming around the 92.20 mark.

We are not forecasting a strong US Dollar in the  immediate future, but technically speaking we’re seeing an exhaustion of the bearish pressure we’ve had since March-April.

 

The last time the Euro traded at these levels against the US Dollar was back in May 2018 when the EURO started its downfall of -15% against the USD going from the highs around 1.26 in January 2018 to the lows around 1.06 in March 2020.

This is a big zone and it weighs heavy on the EURO. We anticipate  a dip to at least the bottom of the range. This move would be triggered by a USD recovery rally to previous lows.

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Author : Orlando Gutierrez

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