EUR/USD is trading around 1.1250, under pressure. The surge in US coronavirus cases and IMF warnings are weighing on the market mood. The ECB minutes and a trio of US figures are eyed.
The world's most popular currency pair has been sliding back down alongside the downtrend support line – that previously served as resistance. On its way down it has dipped below the 50 and 200 Simple Moving Average on the four-hour chart. While momentum remains to the upside, EUR/USD failed to break above 1.1350, creating a double-top.
Overall, bears are in the lead.
Support awaits at the round 1.12 level, which worked as support last week. It is followed by 1.1170, the previous week's low. Further down, the next noteworthy cushion is only at 1.1075, levels seen in early June.
Resistance awaits at 1.1260, a temporary cap last week. It is followed by 1.1290, another swing high, and then by the mighty 1.1350.
Reprinted from FXStreet，the copyright all reserved by the original author.
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