Tickmill (25 February 2020) – EURUSD Breakdown

Title : EURUSD Breakdown (February 25, 2020)

Broker : Tickmill

Description : EURUSD Daily Outlook – The coronavirus remains the big headline globally and the markets reacted big time to the latest news on Monday… but early during the Asian session we already saw a bit of a rebound.

The biggest risk event on Tuesday other than this is the US consumer confidence index for February.

Today I’m looking at the EUR/USD pair which was among the major currency pairs to see a rebound at a key support level.

We predicted the pair could reach 1.0785 end of January after it broke below the daily Ichimoku cloud. After reaching exactly the level we talked about back then, the pair has now rebounded towards the pivot level of 1.0876. This, however, doesn’t mean the losses for EUR/USD has ended and could simply be a temporary correction. The next support is at 1.0580.

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