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Trevor Neal

EUR/USD

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Hi Trevor, thanks for the question. It is quite difficult to predict price movements given the rapidly evolving situation amid the COVID-19 outbreak. Technically, the pair is attempting to set up a base near the $1.0760 mark, where the triangle’s support is located. If you look at the big picture, the symmetrical triangle is created, which is generally considered to be a neutral consolidation pattern.

Still, the buyers managed to force the price action to bounce off of the triangle’s support and they will be now aiming to test the upper line,  trading just underneath the $1.10 handle. In this zone, there is also the 200-DMA, adding an additional degree of resistance.

Hence, I suspect we may be heading towards the $1.10 handle in the coming days while the break of this level would open the door for higher levels in EUR/USD. 

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