- EUR/USD trades over half a percent higher on Monday.
- The price has now stalled at the 30 minute 200 period moving average.
EUR/USD 30-minute chart
EUR/USD pushed lower at the end of last week and just as it looked like a reversal was taking place the risk sentiment changed once again and the price moved higher on Monday.
Another bullish signal would be the break of the downward sloping black trendline. The pair has made some lower highs so if the lower high lower low sequence is to continue then 1.1220 would need to be taken out.
The MACD indicator is looking bullish as both the histogram and signal lines are both over the mid-point. The Relative Strength Index, however, is looking slightly overstretched. This could mean a pullback is in the making, of course it could only be short term.
The rest of this week will be very important as Fed President Powell will be testifying in front of the senate. There are sure to be some more important COVID-19 developments that will move the risk sentiment around to just like Monday’s session.
Speaking of which, the Fed said they are looking at making both ETF purchases as well as buying corporate bonds directly from companies. US President Trump has also announced that the US may start a return to work bonuses rather than unemployment benefits. Either way, the rest of the week looks like it might be lively.
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