Technical Analysis: EURUSD refreshes 19-week top even as EU summit extends
EURUSD stays on the front foot while European leaders jostle over 750 billion Euros of the stimulus plan. With the latest updates suggesting the frugals' easing of bias, the major pair surged to the highest since March 10. However, no agreement has been reached yet and the odds of witnessing disappointment are still high. As a result, nearly overbought RSI might trigger the pair's pullback from a multi-day top to an ascending trend line from July 10, at 1.1400 now. Though, pair's further weakness will make it vulnerable to visit the late-June tops near 1.1350 and 200-bar SMA level of 1.1292.
Alternatively, an upward sloping trend line from June 23, currently around 1.1470/75, holds the key to the pair's additional rise. A break of which could attack the March month peak near 1.1500 while January 2019 top near 1.1565/70 might lure the bulls afterward. It's worth mentioning that the anticipated disappointment from the US policymakers' upcoming fiscal policy stimulus, the market consensus of $3 trillion, also favors the pair's upside and so does the broad US dollar weakness due to the coronavirus (COVID-19) woes in America.