EUR/USD (current price: 1.1065)
The Euro continues to trade in a narrow range compared to its most important counterpart as the 200-day MA serves as a “magnet” for the price, and with strong support holding the pair around 1.10. The U.S. economy continues to outperform the Eurozone, but the risk-on sentiment helped the Euro yesterday as it drifted higher, back to the 1.11 resistance. The pair faded in late trading and the short-term declining trend is still intact, with the upper boundary of the channel looming at 1.1175.
Our assessment: EUR/USD held up well during the Brexit panic and that might mean a possible re-test of the upper resistance of the current trend channel, if the rate can stay above the 200-day MA.
