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Euro Gets A Boost From A Softer USD

May 19 2020, 01:15 PM (+06) | Orbex.com

eurusd

The euro currency is posting some modest gains on Monday.

Economic data remains sparse, but the dollar pulled back, giving a boost to the euro.

EURUSD maintains its upside bias after rebounding off the support level near 1.0792.

We continue to watch the potential head and shoulders pattern that could still emerge.

However, if price rises above the previous pivot highs of 1.0887, then this bearish pattern will be invalid.

This could potentially shift the bias to the upside, although the currency pair is still not out of its sideways range.

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