EURUSD Daily Outlook - The US has been in total chaos in the past few days with Black Lives Matter protests, Presidential twitter meltdowns, weak U.S economic updates, and geopolitical tensions with China, all the while the Coronavirus death toll rises to 104 thousand. With that, it’s no surprise that the US Dollar didn’t receive much love among its forex peers.
This week, we’ll keep an eye on all it’s going in the US, as well as important risk events globally such as rate decisions from Australia, Canada, and the ECB. On Monday we’ll be looking at the US Manufacturing PMI as well.
Today I’m looking at the EUR/USD pair that broke above the daily Ichimoku cloud on Friday and continued its bullish momentum early during Monday’s Asian session. This came after the formation of a triple bottom bullish reversal chart pattern. But while all the signs are now bullish, we could expect a temporary pullback before further gains.
The next resistance levels are set at 1.12 and 1.135 respectively.
Do you think the new bullish sentiment is here to stay? Head over to the comments section and let me know.
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