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Jul 28 - 11:55 PM

EUR/USD - COMMENT-Healthy Pause In EUR/USD Uptrend, To Resume In August

By Andrew M Spencer  —  Jul 28 - 09:45 PM

EUR/USD eased 0.3% on Tuesday, after seven sessions of higher daily highs and lows.
The combination of month end flows, profit taking and the often volatile summer holiday markets, all contributed to Tuesday's dip.
July saw the USD under pressure, whether Wall Street and risk appetite climbed or fell.
Consolidation could continue this week, but as August begins there is little reason to fight the EUR/USD uptrend.

The European Union coronavirus stimulus package on July 21st has been well received by markets nL3N2ES2HF.
Meanwhile the proposed U.S. stimulus measures are yet to be agreed, with a huge gulf between Republican and Democrat expectations.
A deal is certainly expected, but where and when the compromises will come is unknown at this point nL2N2EZ0K1, capping the USD.
Meanwhile the coronavirus expands, especially in the U.S. nL2N2EZ1CP, U.S.-China friction builds nL5N2ET2W2, and hopes of a U.S. or European V shaped recovery fade.

Technical daily momentum studies, 5, 10 and 21 daily and weekly moving averages climb, which is a strong bullish trending setup.
1.1815-1.1822, September 2018 high and 61.8% of the 2018-2020 fall is initial significant resistance, with 1.2102 76.4% retracement the next level.
A close below the 1.1579 10 day moving average would be needed to undermine the topside bias.


eur jul 29 Click here

Source:
Refinitiv IFR Research/Market Commentary

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