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The Euro bulls rejected at the 1.1260 resistance – EUR/USD Market Outlook – 04/06/2020

SquaredFinancial

The US Dollar remained under pressure on Wednesday allowing the Euro to prolong the bullish trajectory for the seventh consecutive session, amid hopes for a global economic recovery. However, worsening US-China relations drove some haven flows towards the greenback which caused some profit-taking amid extremely overbought conditions. Apart from this, the ECB is widely expected to expand the size of its €750 billion pandemic program by around €500 billion. The markets might have already priced in the increase, therefore there seems to be some risk of a correction for the common currency towards 1.1185 and possibly 1.1155.

Support: 1.1185 / 1.1155
Resistance: 1.1230 / 1.1265

SquaredFinancial Daily Market Outlook


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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/the-euro-bulls-rejected-at-the-1-1260-resistance-eur-usd-market-outlook-04-06-2020
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