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Market View

EURUSD bounces from 20SMA

Friday, June 19, 2020 12:20 PM GMT

Our previous plan was verified, as EURUSD failed to violate the major resistance zone near 1.14 level. Sellers stepped in and pushed the pair lower as its currently testing the 20SMA for the third day in a row.  EU economic news includes the EU Council’s meeting where they will discuss the €750 recovery plan. Germany, France, Italy, and Spain support the initiative while Austria, Sweden, Denmark, and the Netherlands don’t agree with this package.         

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Daily Chart

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Reviewing the 240m timeframe, the pair is forming a short-term wedge however the major support is near to 1.1146. Indeed the MAs behavior indicates that the trend is bearish for now while RSI and MACD are moving sideways.  

240m Chart

Checking the ZuluTrade’s Traders Sentiment, the community is currently neutral on EURUSD.

In focus today (economic calendar):

Canada - Retail Sales (MoM) (Apr)

UnitedStates - Fed's Chair Powell speech

 

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