Hey traders, hope all is well!
Firstly, this Analysis of EURUSD is conducted also with reference to my previous Analysis of this currency pair which was uploaded on
the 13th April, so please do check that out as well!
Please like and follow my content to support more trade ideas/opportunities which i can share with you traders!
Now, let's begin with the technicals:
EURUSD has been consolidating between Highs and Lows since the beginning of March. Throughout the first quarter, the Euro had reached a new high of 1.13500, since the second quarter of 2019.
On the 1hr/Tf chart, we identify a pattern called 'hammer' suggesting to us a bullish outlook for up to 12 hours.
EMA (Exponential Moving Average) poses to us a bullish rally towards the upside with Higher highs and Higher lows.
According to our 4hr/Tf, price was moving steadily in consolidation before we managed to identify a breakout towards the upside @1.09794
Given that our previous high has been broken @ 1.11318, we now expect price to continue to surge, ultimately reaching our level of resistance @1.13525
Fundamentals:
Countries in Europe are continuing to reopen their economies and remove barriers to support businesses and encourage domestic spending, amid a decline in Covid-19 cases.
Severity of US Protests widens with rioters causing destruction to most popular cities.
Global market demand for the dollar declining.
Economic Calendar/Important events for EUR/USD:
* Wednesday 3rd June: Eurozone Services PMI (High Volatility).
* Thursday 4th June: ISM (Institute Supply Management) Non manufacturing PMI (High Volatility).
* Friday 5th June: EIA (Energy Info Administration) Natural Gas Storage Report (High Volatility).
Firstly, this Analysis of EURUSD is conducted also with reference to my previous Analysis of this currency pair which was uploaded on
the 13th April, so please do check that out as well!
Please like and follow my content to support more trade ideas/opportunities which i can share with you traders!
Now, let's begin with the technicals:
EURUSD has been consolidating between Highs and Lows since the beginning of March. Throughout the first quarter, the Euro had reached a new high of 1.13500, since the second quarter of 2019.
On the 1hr/Tf chart, we identify a pattern called 'hammer' suggesting to us a bullish outlook for up to 12 hours.
EMA (Exponential Moving Average) poses to us a bullish rally towards the upside with Higher highs and Higher lows.
According to our 4hr/Tf, price was moving steadily in consolidation before we managed to identify a breakout towards the upside @1.09794
Given that our previous high has been broken @ 1.11318, we now expect price to continue to surge, ultimately reaching our level of resistance @1.13525
Fundamentals:
Countries in Europe are continuing to reopen their economies and remove barriers to support businesses and encourage domestic spending, amid a decline in Covid-19 cases.
Severity of US Protests widens with rioters causing destruction to most popular cities.
Global market demand for the dollar declining.
Economic Calendar/Important events for EUR/USD:
* Wednesday 3rd June: Eurozone Services PMI (High Volatility).
* Thursday 4th June: ISM (Institute Supply Management) Non manufacturing PMI (High Volatility).
* Friday 5th June: EIA (Energy Info Administration) Natural Gas Storage Report (High Volatility).