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Euro Gets A Boost From A Softer USD

Posted On 19 May 2020
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eurusd

The euro currency is posting some modest gains on Monday.

Economic data remains sparse, but the dollar pulled back, giving a boost to the euro.

EURUSD maintains its upside bias after rebounding off the support level near 1.0792.

We continue to watch the potential head and shoulders pattern that could still emerge.

However, if price rises above the previous pivot highs of 1.0887, then this bearish pattern will be invalid.

This could potentially shift the bias to the upside, although the currency pair is still not out of its sideways range.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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