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July 9, 2021

EUR/USD Soars Again Indicates Price Trend Change

 The US dollar rebounded from a 3 -month high against several major currencies while the Euro performed well on Thursday.

Risky market sentiment signaling a global growth slowdown has shifted investors ’focus towards safer assets seeing some safe-haven currencies such as the Yen and Swiss franc strengthen.

However, the situation failed to take advantage of the US dollar following pressure on the fall in US treasury yields which hovered at 1.30%.

Focusing on yesterday’s European session, the European Central Bank (ECB) has changed its inflation target to 2% with a speech by President Christine Lagarde expecting a stable inflation outlook for the medium term.

On the chart of the EUR/USD pair, the price has rebounded from the support zone of 1.18000 registering a daily increase of around 80 pips to the level of 1.18600.

The rally that passed the Moving Average 50 (MA50) barrier on the 1 -hour time frame on the EUR/USD chart has also given an early signal for a reversal of the price trend.

The price increase is seen to continue towards the resistance level of 1.19000 in the SBR (support become resistance) zone which was tested last Tuesday.

A higher rise beyond the zone will continue to signal a clearer for the bullish trend again on the EUR/USD chart for the next target expectation to the 1.20000 level.

On the other hand, if the price plummets again, the support zone of 1.18000 will be tested again for investors to assess the price reaction in that zone.

If the price manages to break lower, the decline will be expected to head to the support level around 1.17200 to continue the bearish trend of the price in the previous week.