There were no major economic reports in Eurozone yesterday and according to Powell’s statement the unemployment data is much higher than what is being reported. PMI Manufacturing and PMI Services are going to be released in Eurozone and it seems the data from the US is helping USD to recover from the decline faster than expected.
The support rests at 1.20710 with resistance at 1.21130. The weekly pivot point at 1.20960 is located in between the lines. The EMA of 10 is moving with bullish bias in the descendant channel and it is below the EMA of 100 and the EMA of 200. The Stochastic is moving in high ranges, the RSI is moving on level 50 and the ADX is showing buy signal. The MACD indicator is in positive territory.
It seems that EURUSD recovered from the previous growth by hitting level 61.8 of Fibonacci. EURUSD is on bullish bias targeting 1.21450.