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EURUSD Rises To A Two-Year High

Posted On 23 Jul 2020
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The euro currency hit a two-year high on Wednesday, boosted by a weaker greenback and the EU Covid-19 relief package.

Price action is now into its fifth consecutive weekly gains. The common currency quickly breached past the 1.1550 handle.

Given the current momentum, EURUSD is now looking quite close to hitting the 1.1600 handle.

The sharp pace of gains, however, put the common currency at risk of a pullback.

A breakdown of the minor rising trend line could confirm this. The initial support is at 1.1500. It is yet to be tested.

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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