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The Euro breaks above the descending channel amid risk-on sentiment – EUR/USD Market Outlook – 06/07/2020

SquaredFinancial

The Euro breaks above the descending channel as risk-on sentiment in global stocks boosted the pair higher. However, the second wave of the coronavirus outbreak is gathering pace and could ignite another round of fear in the marketplace, therefore downside risks in both stocks and EUR/USD persist. Apart from the broader market sentiment, the pair may take cues from the German Factory Orders and the US ISM Non-Manufacturing PMI, if the data beats expectations then we will likely see the single currency head towards the 1.1345 resistance.

Support: 1.1220/ 1.1195
Resistance: 1.13/ 1.1345

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/the-euro-breaks-above-the-descending-channel-amid-risk-on-sentiment-eur-usd-market-outlook-06-07-2020
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