EURUSD Daily Outlook – On Thursday the U.S. overtook China as the country with the most novel coronavirus cases in the world, marking a new milestone in the fight against the global pandemic. Meanwhile, the Dow industrials rose more than 1,300 points, putting it 20% above its recent low and back into bull-market territory, despite unemployment claims jumping to record highs last week.

On Friday we’ll continue to follow the Coronavirus developments around the world, and will also keep an eye on the US University of Michigan Sentiment.

Today I’m looking at the EUR/USD that has just broken above the daily Ichimoku cloud following the strong bullish sentiment this week and with the USD selloff.

Now with the traditional Ichimoku signal, we would expect a bit of a pullback towards the upper band of the Ichimoku before rallying further up…

But now is not ordinary times, so depending on the US COVID-19 conditions and the economic impact, we could even see a reversal…

Do you think this Ichimoku signal is a fakeout, or we’ll see further gains for the EUR/USD pair? Head over to the Comments section and let me know.

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