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Euro Forecast: bullish breakout by 1.1626 resistance level to be crossed; waiting for retracement

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by , 07-25-2020 at 02:30 PM (83 Views)
      
   
The agreements by EU leaders on a budget and a recovery fund have given EUR/USD a boost and prepared the ground for a further advance that could take the pair back to its autumn 2018 highs. However, traders should watch out for a possible retracement first as the pair is now technically overbought.

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Having broken above the 1.15 level, EUR/USD is well placed to challenge the 1.1621 high reached in October 2018. However, a pullback is possible first after the pairs recent strong gains.

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