After a brief test of two-month lows in the 1.1630 region, EUR/USD appears to have embarked on a corrective upside to the 1.1670/80 band for the time being, in tandem with somewhat alleviated sentiment in the safe haven universe. The next upside target emerges at 1.1700, FXStreet’s Pablo Piovano briefs.
“The extent and duration of the rebound remains to be seen, as the second wave of the coronavirus pandemic continues to hit economies around the world, sparking fears that its impact could slow the pace of the global recovery despite confidence gauges – particularly in Euroland – keep showing a firm uptrend.”
“The recently broken key contention area in the 1.1700 neighbourhood has now become the next target of significance if buyers regain the upper hand and push for a more serious bullish attempt.”
“On the downside, and in the event of the resumption of the selling bias, recent lows near 1.1630 emerges as the initial, albeit interim, support zone. A deeper retracement to the relevant contention region around 1.15 (March tops) is still unfavoured.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.