FX.co ★ EUR/USD analysis for June 22, 2020 - Potential for the bigger rally on the EUR due to breakout of downward channel. Upward rereference set at 1.1290

Corona virus summary:

WHO reports record daily increase in coronavirus cases

The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period. The biggest increase was from North and South America with over 116,000 new cases, according to its daily report.

Technical analysis:

EUR/USD has been trading upwards. The price tested the level of 1,1226. I see potential for rise towards the 1,1292 and 1,1340.

Trading recommendation:

Watch for buying opportuntiies on the EUR/USD due to breakout of the slope pattern in the background and potential end of the downside cycle.