We are at a very bearish moment for eurusd on montly chart, Expecting new lows 0.98/0.94 to be hit (C Point).
As you can see the downtrend is just beginning, this is due to USD being a safe heaven for moments like this, DXY will hit record highs of 105+ which is just now also starting a uptrend, Eur is also very weak, this is due to the mess of economy eur is at the moment, corona virus is not helping either. And at times like this investors prefer to invest in USD and JPY.
Last friday we saw eurusd hit 1.07200 then retesting 1.08200 (which is now a resistance area), the continuation of the drop will start from here to hit year lows of 1.0600 retesting 1.0700/1.07200 again. then dropping again on his way to the C Point (last wave count)
As you can see the downtrend is just beginning, this is due to USD being a safe heaven for moments like this, DXY will hit record highs of 105+ which is just now also starting a uptrend, Eur is also very weak, this is due to the mess of economy eur is at the moment, corona virus is not helping either. And at times like this investors prefer to invest in USD and JPY.
Last friday we saw eurusd hit 1.07200 then retesting 1.08200 (which is now a resistance area), the continuation of the drop will start from here to hit year lows of 1.0600 retesting 1.0700/1.07200 again. then dropping again on his way to the C Point (last wave count)