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Euro bears attempting to protect 1.19 critical resistance – EUR/USD Market Outlook – 06/08/2020


The Euro holds near the two-year high, 1.19, as the greenback remains under pressure amid US fiscal uncertainty. The USD, despite being oversold, is still having a hard time to find a catalyst to squeeze the weak shorts and properly bounce higher. US-China tensions might still weigh over risk assets, pushing the Dollar to pick up a haven bid, but so far we are not seeing that materialize. Earlier today, German Factory Orders beat expectations pushing the Single currency above 1.19 once again. If these gains hold, we will likely see price retesting 1.1950 and 1.20 in the near future, or else a pullback towards 1.18 will be probable.

Support: 1.18 / 1.17
Resistance: 1.19 / 1.1950

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/euro-bears-attempting-to-protect-1-19-critical-resistance-eur-usd-market-outlook-06-08-2020
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