EUR/USD bounces to a 10-day high as it retraces above 1.10 to the high of 1.11473 as it retains support from 50-day and 200-day support. The pair has been marking a winning streak since the start of the year and has been on a bullish note amidst the global crisis when all the other currencies are facing a tough time to keep up against the greenback. However, as there have been rapid cases recorded in the US, we see the US Dollar weakening moderately since yesterday.
The pair has bounced sharply and formed an upward channel while it retains strong and steady support at 1.10250 and 1.08360. It has been 2 days since the EUR/USD has been closing above 1.110 on a strong bullish note. There has been a gradual rise from the weekly bottom of 1.06378 and is holding a bullish crossover as the MACD line is crossing above the signal line, and the RSI of the pair is hitting at 69.51 with is likely to breach the overbought zone. However, if the pair continued to maintain this rising streak, the buyers are likely to control and maintain ground in the next week.
