EURUSD has been on a steep uptrend for 2 consecutive weeks, breaking supply zones and key price 1.2000.
Even though Eurozone's economy has been stagnated and slowing down, the main reason for the steep bull run is due to the FED emergency rate cut.
This caused widespread panic and uncertainty causing the Dollar to plunge even further.
However, US data posted strong numbers with NFP and unemployment rate being better than forecast.
With how overbought EURUSD is, this week we expect a retracement back to supply turned demand zone around 1.1160.
Even though Eurozone's economy has been stagnated and slowing down, the main reason for the steep bull run is due to the FED emergency rate cut.
This caused widespread panic and uncertainty causing the Dollar to plunge even further.
However, US data posted strong numbers with NFP and unemployment rate being better than forecast.
With how overbought EURUSD is, this week we expect a retracement back to supply turned demand zone around 1.1160.