EUR/USD Holds In Lengthy-Time period Bullish Territory

For the eighth week in a row, the EUR/USD has been unable to go away the 1.1850 degree. With elements such because the resurgence of COVID-19 in Europe and recent Brexit tumult, foreign exchange gamers are treading frivolously. Subsequently, charges have remained in consolidation largely between 1.1750 and the 1.2000 psychological barrier.

Late Thursday, experiences from the World Well being Organisation (WHO) advised that COVID-19 infections are at the moment spiking to file numbers. WHO regional director Hans Kluge said that “weekly instances have now exceeded these reported when the pandemic first peaked in March.” 

In the meanwhile, the markets aren’t actively pricing-in Kluge’s ominous warnings. The actual fact is, the worldwide testing equipment is much extra superior that it was in March. Extra testing means extra constructive instances; comparisons between March information and September information are of little worth. Nevertheless, Kluge is true about one factor ― COVID-19 continues to unfold without end.

Let’s check out the EUR/USD and see the place this pair stands to finish the week.

EUR/USD Holds Agency Inside Lengthy-Time period Bullish Territory

The EUR/USD continues to commerce sideways at the moment, for the second straight week. Charges are hanging very near 1.1850, nicely above any areas of intermediate-term assist.

Listed below are just a few ranges to look at as we roll into late-September:

• Resistance(1): Psychological Barrier, 1.2010
• Help(1): Weekly SMA, 1.1641
• Help(2): 38% Retracement, 1.1485

Overview: Till we see a concerted check of draw back assist, a bullish bias stays warranted towards the EUR/USD. Nevertheless, we’re probably in for a particularly energetic fall season. In case you’re actively buying and selling this pair, be looking out for election, Brexit, and COVID-19 information. Though the EUR/USD is sleeping now, a directional transfer is more likely to develop within the coming weeks.