EURUSD Daily Outlook 29-06-20 – Last Friday we found out that the US personal income fell 4.2% in May better than the expected 6% drop, and consumer spending rebounded. Meanwhile, the Coronavirus cases set a record in the US and global cases now top 10 million.
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.
On Monday we’ll be looking at the Euro area’s consumer confidence for June, the US pending home sales numbers as well as China’s NBS manufacturing PMI.
Today I’m looking at the EUR/USD pair which appears to be in the process of forming a long-term double top bearish reversal chart pattern but has started this week with a bang and a bullish engulfing candlestick chart pattern on the daily chart.
On the 4-hour chart, it remains below the Ichimoku cloud with the future cloud consolidating. The immediate support level is at 1.1166 and a break below it could open doors for further drops towards 1.109.
Which direction do you think the EUR/USD pair is headed towards this week? Head over to the comments section and let me know.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% and 70% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.