The EUR/USD pair had touched the highest since 2018 yesterday. The euro currency continues to rise rapidly against the US dollar, with the pair now trading at its highest level since April 2018. A lot of this primarily due to the weakness in the US dollar and Europe controlling the coronavirus situation much better than the U.S.
Technical analysis highlights that the 1.2250 level is the next major upside target for the EURUSD pair if a breach above the 1.209-1.2100 critical resistance area of 2017 swing high . To the downside, traders may look to enter into the bullish trend if a correction towards the 1.900 level occurs.
There is no doubt that the Stochastic Oscillator has reached its overbought level (90.81%) on the weekly frame in terms of technical analysis. This means that we are highly likely to see some retracement in the coming days on the
The EUR/USD pair is only bearish if key support is found at the 1.1950 and 1.1900 levels are breached by sellers.
The EUR/USD pair is only bullish while trading above the 1.2090 level, key resistance is found at the 1.2110 and 1.2250 levels
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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