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

The Euro pulled back a bit during the trading session on Monday, as we continue to see the market grind away in an uptrend and channel. That being said, the market is likely to continue going higher given enough time, especially as we have formed a couple of hammers on the daily chart previously. If this holds, then it will show the validity of the overall trend, as there will have been multiple attempts to break down below the uptrend line, all of which have failed. With that being said, if we can break above the highs of the last couple of trading sessions, that would obviously be very bullish for the Euro in general.

EUR/USD Video 08.09.20

A lot of this comes down to the Federal Reserve going everything they can to loosen monetary policy, and therefore this should continue to put a bit of pressure on the greenback in general. Furthermore, the Euro seems to be benefiting from a slightly increasing economic picture for the European Union, and of course simple momentum which makes quite a bit of sense based upon what we have seen on the chart.

That being said, the 1.20 level above should continue to offer significant resistance, as it is a large, round, psychologically significant figure, and of course it is an area where we have seen a lot of interest in the past. Because of this, you should pay quite a bit of attention to that area because if we break above there, the market is likely to go much higher. On the other hand, if we break down below the uptrend line, it is likely that we go looking towards 1.17 level.

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.