Midday update for the EURUSD 06-07-2020
The EURUSD pair settles above 1.1270 level, but as we mentioned this morning, the price needs to hold with a daily close above this level to confirm the activation of the bullish trend scenario in the upcoming sessions, which keeps the sideways scenario valid until now, especially that stochastic provides negative signals that might press on the price to decline again.
To review the details of the key levels and the expected targets after the breach, please check our morning report.
The expected trading range for today is between 1.1200 support and 1.1370 resistance.
The expected trend for today: Sideways
The AUDCAD tends to resume the bullish attack – Analysis – 6-7-2020
The AUDCAD pair kept its positive stability above 0.9240 support line, to notice forming new bullish wave and press on the recently recorded top at 0.9440, while getting positive momentum by stochastic will motivate the price to form new bullish wave and expect to target 0.9515 followed by reaching 38.2% Fibonacci correction level at 0.9605.
The expected trading range for today is between 0.9360 and 0.9515
The expected trend for today: Bullish
The European index begins rising – Analysis – 6-7-2020
The European index exited its sideways range by forming new bullish wave to move away from the bullish channel’s support line at 3225.00, supported by the moving average 55 consolidation near it, to notice recording 3369.00 level.
These factors confirm keeping the domination of the bullish bias to expect resuming the bullish attempts and surpass 3397.00 level followed by starting to target new positive levels by moving towards 3475.00 and 3615.00.
The expected trading range for today is between 3300.00 and 3475.00
The expected trend for today: Bullish
The EURJPY begins rising – Analysis – 6-7-2020
The EURJPY pair took advantage of the strength of the bullish channel’s support line at 120.55 to notice forming strong bullish rally recently and record 121.50 level, while the continuous positive pressures will increase the chances of moving towards the main targets around 121.80 and 122.50.
The above chart shows stochastic crawl towards the bullish channel’s support line to increase its strength and confirm blocking the price within the bullish range until reaching the mentioned positive stations.
The expected trading range for today is between 121.20 and 122.50
The expected trend for today: Bullish