EUR / USD will fly higher following its surge earlier in the week

 The US dollar showed weak price movement performance for the start of trading earlier this week with market sentiment showing signs of recovery.


Investors are optimistic for US policymakers to reach an agreement on the implementation of the latest economic stimulus package.


Meanwhile, news of the development of Donald Trump who has left the hospital where he was treated also supports the recovery of the market.


The depreciation of the US dollar has given way for other major currencies to trade back up such as commodity currencies as well as European currencies as well.


Against the Pound Sterling, the Euro currency further strengthened with a significant rise in prices earlier in the week as shown on the EUR / USD pair chart.


European economic data released on Monday as a whole displayed positive readings and provided support for the Euro rise.


The price has recorded a daily rise of around 90 pips to a 2-week high almost touching the 1.18000 level from the surge that started at the level of 1.17200.


The price is expected to continue today (Tuesday) above the 1.18000 level before reaching the next target destination at resistance 1.19000.



However, market sentiment is changing and price decline is happening again, the price is expected to return to 1.17200.


Next, the decline will lead to the RBS zone (resistance become support) around 1.16900 with the expectation of a bearish trend change on the EUR / USD chart.