The EU has asked China to open up its economy

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Analysis: Daily EURUSD 23.06.2020

23 June

The EU has asked China to open up its economy

Technical Chart pick of the day:  Daily EURUSD

 

 

The common currency got a boost by French business activity rebounding more than expected in June, returning to growth after three months of an unprecedented downturn. Euro overnight volatility rose to nearly 10%, the highest in nearly three weeks. Euro-area consumer confidence is slowly rebounding from a seven-year low.
 

The EU is becoming more vocal on China over the Hong Kong security law and the treatment of EU companies there, while the US has confirmed that its “phase one” trade deal with China was working.

On a technical perspective, prices tested the 20EMA and retracted indicating selling pressure.

Support:        S1:  1.11725    S2: 1.08927
Resistance:   R1: 1.13780

 

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