As anticipated, the EUR/USD lost steam this week as the dollar recovered and amid increased stimulus by European Central Bank President in its effort to combat the coronavirus pandemic.
Before the FED interest decision this Wednesday, the market is expected to remain less volatile and we traders are apparently eager to take profit of the overbought euro. The Euro has performed well in the past two weeks and as the circulation of USD in the global economy is currently of limited volume the EUR/USD downtrend can last for quite some time.
We previously sold the EUR/USD at 1.1268 with a tight stop loss at 1.1310 and targets at 1.1230 and 1.1200 respectively.
