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 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 level.