Forecast of the currency pair EUR / USD
Today we will examine the EUR / USD currency pair, with quotes remaining rangebound at 1.0825–1.0890. In this case, the return of the pair to the level of 1.0840 may be the first signal that indicates the willingness of sellers to push the price down to 1.0775 and further to 1.0650. At the moment, the pair is in a tight trading range, which, in turn, indicates a clear market uncertainty.
Trading look:
The main scenario.
A Break of the 1.0825 support level will significantly increase the risk of a further decline to 1.0775. Moreover, only the appearance of a very strong bearish fundamental factor for the EUR can lead to a more powerful decline in the pair.
Alternative scenario.
A bullish scenario may appear with a break above 1.0900. In this case, buyers will have a target at 1.0950 and further on to 1.0990.
Today, there is no important macroeconomic reports being published from the US and the eurozone, so all attention will focus on the emergence of new information regarding quarantine and measures taken to stabilize the economy. At the same time, I do not exclude the possibility that today the pair may remain within a trading range of 1.0825–1.0900.
The above review is not a direct guide to trading, and can only be classed as recommendations