EURUSD Daily Outlook – On Monday, biotech company Moderna reported positive data on early-stage coronavirus vaccine trial, making its shares skyrocket and lift the rest of the market up with it as well. Meanwhile, we found out that Japan’s economy contracted at an annualized pace of 3.4% from January till March.
On Tuesday we’ll be looking at the UK employment change, as well as the Euro area’s ZEW economic sentiment index.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
Today I’m looking at the EUR/USD pair which much like most other major currency pairs, has continued to range in the past month. After dropping to the lows just above 1.06 in March, the pair has found a comfort zone between 1.099 and 1.077. Currently, it looks like it’s in the process of moving back up towards the upper level of the range, as it has just broken above the Ichimoku cloud on the 4-hour time-frame.
On Tuesday, we could see a bit of a pullback as the Ichimoku indicator suggests, and the see further gains towards the end of the week.
Do you think the major currency pairs will continue to range, or will we see a new trend soon? Head over to the Comments section and let me know.
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