#EURUSD #weekly_outlook EURUSD mid-term outlook (Daily cha | OctaFX Analytics

#EURUSD #weekly_outlook

EURUSD mid-term outlook (Daily chart)

Technical analysis:
The RSI, which is under 50, indicates possible movement downwards.
The price is under Kijun-sen of Ichimoku indicator, suggesting that the downwards movement may prevail.

Fundamental:
The market is really trading on the uncertainty in the air around COVID. Decisive ECB policy action to back up the new policy framework could trigger a fresh euro sell off at a time when other major central banks are moving closer to raising rates.

What the possible outcomes are :
The EUR/USD is under pressure. We may see a downwards correction towards 1.17748 .
If the price fails under this level, we can expect a continued downtrend towards the next support level of 1.17500.
Contrarily, the pair may rise towards the resistance level of 1.18446.
If the pair manages to surpass this resistance level, we should expect a continued surge towards the resistance level of 1.19145.