XTrader_Paul
Long

EURUSD long IDEA

FX:EURUSD   Euro / U.S. Dollar
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6
EUR / USD is trading below 1.09, at the lowest since 2017. Worsening conditions in Germany and speculation of more ECB stimulus are weighing on the euro . The dollar benefits from elevated coronavirus fears after China reported a leap in cases. US CPI is awaited.
From a technical perspective, the pair remains vulnerable to extend its ongoing bearish trajectory. However, extremely oversold conditions might sponsor some short-covering bounce, which might still be seen as a selling opportunity. Hence, any meaningful recovery attempt back above the 1.0880-90 region is more likely to remain capped near the 1.0925 supply zone (daily swing highs on Tuesday and Wednesday).

On the flip side, some follow-through selling now seems to accelerate the fall further towards the 1.0800 round figure mark. Bears might then aim towards challenging a support marked by the lower end of an over one-year-old descending trend-channel formation on the daily chart .

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