11.06.2020 EUR/USD Daily Analysis

11.06.2020 EUR/USD Daily Analysis

EUR/USD is trading below 1.1350, as the Fed's pessimism about the economy overcoming the bank's pledge to support the economy. The eurozone is discussing stimulus and US jobless claims are eyed. The world's most popular currency pair is trading in an uptrend channel since late May. An attempt to break higher last week failed to materialize, but the currency pair has held onto the channel. Also, momentum on the four-hour chart remains to the upside while the currency pair trades above the 50, 100, and 200 simple Moving Averages. Resistance awaits at 1.1384, the initial peak, followed by 1.1420, Wednesday's high. The next level to watch is the March peak of 1.1495. The single currency has been boosted of late by signs of the continent’s countries working together to combat the coronavirus, with the EU's executive Commission proposing a hefty recovery fund, made up of grants and loans for every EU member state. The Eurogroup, a grouping of EU finance ministers, is set to meet later Thursday, to discuss the EU recovery fund.