Global stocks are up as China continues to lift coronavirus-related restrictions. EURUSD holds range-bound above 1.0700 as investors await the next catalyst. FX Forex Trading
Global stocks are up as China continues to lift coronavirus-related restrictions.The week starts with optimism, which means the greenback is getting little attention. Thepair trades around 1.0720 after reaching an intraday high of 1.0751, holding on to modest intraday gains. The good mood was partially backed by news coming from China, as Beijing lifted coronavirus-related restrictions as planned, hinting at a better global economic performance in the foreseeable future.
The near-term picture is quite similar, as the 4-hour chart shows that the price is resting above a flat 20 SMA, while the 100 SMA is crossing above the 200 SMA, both in the 1.0620 price zone. However, technical indicators are heading south and about to enter negative territory. The bearish case will be firmer if the pair slides below the aforementioned 1.0665 level, although there are no technical signs of that happening in the upcoming sessions.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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