Weekly hedge fund data showing an increase in EURO long positions against the USD
There's a demand zone just below current price that also coincides with a monthly trendline (orange) and possible retest of a daily descending trendline (black).
Price is bouncing around in a descending daily channel, having recently bounced from the bottom of the range and making its way back up.
Fundamentals are equally bad for both currencies but there's more positive news from the Eurozone re Coronavirus than there is from USA.
Expect USD to push this pair down temporarily (from trendline rejection and 38 fib level) before pending buy orders are triggered at 1.0760 level
There's a demand zone just below current price that also coincides with a monthly trendline (orange) and possible retest of a daily descending trendline (black).
Price is bouncing around in a descending daily channel, having recently bounced from the bottom of the range and making its way back up.
Fundamentals are equally bad for both currencies but there's more positive news from the Eurozone re Coronavirus than there is from USA.
Expect USD to push this pair down temporarily (from trendline rejection and 38 fib level) before pending buy orders are triggered at 1.0760 level