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EURUSD

EUR/USD – Sideways in Dull Trade, 1.1300 Resists

July 6, 2020

The Euro finished in late New York little changed at 1.1245 from 1.1240 on Friday. Trading was dull with the shared currency moving sideways within a narrow range of 1.12192 and 1.12517. Euro area Services PMI data released Friday were mostly upbeat, bettering forecasts. On Friday, ECB President Christine Lagarde said that the EU will face 2 years of downward pressures on prices due to the coronavirus pandemic and that the European Central Bank will need to keep its monetary policy exceptionally loose.  Today’s economic data sees the release of Germany’s Factory Orders, Eurozone Retail Sales and Eurozone Sentix Investor Confidence Index.

EURUSD 1 Hour Chart - Daily FX - 06 July 2020
EURUSD 1 Hour Chart – Daily FX – 06 July 2020

EURUSD has immediate resistance at 1.1260 followed by 1.1300. Immediate support can be found at 1.1220 and 1.1170. Prefer to sell rallies in a likely range today of 1.1210-1.1270.

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