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James Hyerczyk
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EUR/USD
eurusd friday bns

The Euro is trading higher against the U.S. Dollar on Tuesday ahead of a deadline for a new fiscal stimulus deal from Washington.

Optimism is being fueled as House Speaker Nancy Pelosi and Treasury Steven Mnuchin “continued to narrow their differences” in a Monday afternoon phone call to discuss another stimulus package, according to Pelosi spokesman Drew Hammill.

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At 12:38 GMT, the EUR/USD is trading 1.1807, up 0.0036 or +0.30%.

Despite the early strength, fading hopes for a U.S. coronavirus aid package and weaker demand for risky assets worldwide, with rising coronavirus infections in Europe are likely to continue to limit gains in the single currency.

Daily EUR/USD

 Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 1.1831 changes the main trend to up. A move through 1.1688 will signal a resumption of the downtrend.

The minor range is 1.1831 to 1.1688. Its 50% level at 1.1760 is new support.

The main retracement zone support is the 50% level at 1.1691.

The short-term range is 1.2011 to 1.1612. Its retracement zone at 1.1811 to 1.1859 is potential resistance. The lower or 50% level of this zone at 1.1811 is currently being tested.

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Daily Swing Chart Technical Analysis

Based on the early price action, the direction of the EUR/USD on Tuesday is likely to be determined by trader reaction to the short-term 50% level at 1.1811.

Bullish Scenario

A sustained move over 1.1811 will indicate the presence of buyers. This could create the upside momentum needed to take out the 1.1831 main top, followed by the Fibonacci level at 1.1859.

Bearish Scenario

A sustained move under 1.1811 will signal the presence of sellers. This could trigger an acceleration into the minor pivot at 1.1760.

For a look at all of today’s economic events, check out our economic calendar.

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