Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis

The Euro slumped slightly during the trading session on Thursday to reach down towards the 1.12 level and even break below it slightly. However, the market has not been able to stay below there for a significant amount of time, so I think we are simply grinding back and forth. Ultimately, I do think that the Euro is going to get a bit heavy, especially considering that the European Union has so many issues when it comes to not only coronavirus infection rates, but also banking, and that pesky “Brexit thing.”

EUR/USD Video 26.06.20

All things being equal though, I believe that if we reach towards 1.14 level which should find sellers that we can take advantage of, as there is significant resistance from the 1.14 level all the way to the 1.15 handle. A break above the 1.15 handle could be a bit of a trend change for a longer-term move, but I just do not see that happening quite yet. The one thing that would be working in favor of that move would be the Federal Reserve, throwing dollars into the market as fast as they can.

To the downside, if we get a significant break down then we will go looking towards the 200 day EMA underneath, near the 1.1050 level, and then possibly dip below there down to the 1.10 level. This is a market that is very choppy, so I would not anticipate that move to happen by any stretch of the imagination unless of course there is a headline but spooks the market or suddenly has people dumping the dollar.

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.