Overview:
The EUR/USD pair continues to move upwards from the level of 1.1163. Yesterday, the pair rose from the level of 1.1163 to a top around 1.1228. Today, the first resistance level is seen at 1.1298 followed by 1.1347, while daily support 2 is seen at 1.1116 (61.8% Fibonacci retracement). According to the previous events, the EUR/USD pair is still moving between the levels of 1.1163 and 1.1298; so we expect a range of 135 pips. we should see the pair climbing towards the double top (1.1228) to test it. .Furthermore, if the trend is able to break out through the first resistance level at 1.1228, Therefore, buy above the level of 1.1163 with the first target at 1.1292 in order to test the daily resistance 1 and further to .1347. Also, it might be noted that the level of 1.1347 is a good place to take profit because it will form a new double top.Some positive news about the Euro currency that lies in the European central bank's policy-setting governing council will likely increase the size of its approx. one billion pandemic emergency purchase program. Moreover, Corona's (Coronavirus (COVID-19)) problems still persist strongly and cause massive material losses. So, So, the closest possibility that the US dollar will know great weakness this week.On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1116, a further decline to 1.1046 can occur which would indicate a bearish market.
