The pair faced some fresh strong bearish pressure as we go through the end of the week. The move is probably fueled by weak Eurozone PMIs today, which raised investors fears of a slow recovery in the continent that might push the ECB to proceed with additional stimulus.
Also, rising Covid-19 cases in some European countries is shifting the risk for the pair to the downside.
Looking at the chart, the market already broke below the 20-SMA which provided some support in the recent past, and is trading below an uptrend line on the 4H chart.
The bullish bias remains valid as long as the pair is trading above a Daily uptrend shown on the chart above, today at 1.16.
Good luck
Also, rising Covid-19 cases in some European countries is shifting the risk for the pair to the downside.
Looking at the chart, the market already broke below the 20-SMA which provided some support in the recent past, and is trading below an uptrend line on the 4H chart.
The bullish bias remains valid as long as the pair is trading above a Daily uptrend shown on the chart above, today at 1.16.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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