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  • Monday 18 May 2020

    EurUsd Builds Bullish Momentum

    The EurUsd has has been showing some bullish momentum in the previous week as price closed on a bullish Euro, the US dollar has been the safe haven in the past Months of the corona outbreak which saw the dollar gaining a lot of strength as invested flocked to buy the US Dollar as restrictions and lockdowns increased globally. with easing on global lockdowns as the world is getting to understand more about the coronavirus pandemic and its spread.

    EurUsd Technicals

    The Euro dollar has found strong grounds on the 1.07750 support zone as shown on the analysis posted below, we are much likely to see price push up above 1.09800 resistance during the week.

    Below we have included red arrows pointing upwards to mark the high support zones and look at the most recent two arrows we have a nice double bottom pattern setup.

    We hope that this setup on the Euro Dollar will help you understand the current price action on the currency pair, you are very much welcome to share your thoughts on the comments box below.

    Sifiso Nkwanyana

    Author & Editor

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