FX:EURUSD   Euro / U.S. Dollar
Aveiq Capital Management Group
29th June 2020

Looking back at the start of Q1, market conditions due to the current global pandemic saw an influx of buyers invest into the EUR which acted as a safe haven. From a technical perspective, we saw buyers achieve their target at the 1.1400 level. We are now seeing the foundations of a trend reversal. Price action clearly indicates a break within the bullish structure. Furthermore, the consolidation phase would be seen as 'order collection' between the 1.1400 and 1.1250 region. Moreover, a clear impulse below the range will provide a strong confluence for bears to take control of this market, which will provide a meaningful level of liquidity to target the 1.1000 region, lining up alongside the 61.8% retracement level.

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