EUR/USD – Recovery Sees Top at 1.1400, Consolidation Likely, 1.12-1.14

The Euro rallied in line with the broad US Dollar weakness finishing at 1.1320 at the New York close before fresh buying in early Asia saw 1.1336 peak. The shared currency slumped to an overnight low at 1.12266 before it’s strong bounce. Today sees the release of German and Eurozone ZEW Surveys. Both are expected to see improvements. Anything less than expectations will see the Euro back down again within this established range. A spike in coronavirus cases and fall in risk appetite will weigh on the shared currency.

Intraday EURUSD Chart - FXStreet - 16 June 2020
Intraday EUR/USD Chart – FXStreet – 16 June 2020

EUR/USD has immediate resistance at 1.1360 followed y 1.1400. Immediate support can be found at 1.280 followed by 1.1230. Look for consolidation in a likely range today of 1.1230-1.1360. Prefer to sell rallies, the Euro is not out of the woods yet.

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