Okay so looking at this pair on a weekly chart we can clearly see 3 wave corrective structure and I wouldn't be surprised if we get an upside break in the next few weeks. The fundamentals also support this scenario based on the crisis that's going on around the world at the moment. This coronavirus has created uncertainty around the world and in times of uncertainty, everyone wants a piece of the world's most liquid currency. So the appetite towards the USD should remain firmly supported by the coronavirus pandemic and fears of global recession.
As of today, 1/3 of the world is in lockdown. If you are an optimist then the earliest time you could see any kind of activity resuming will be around early May and that could push the need to USD even higher.
Any opposing view, comments or arguments are welcomed
As of today, 1/3 of the world is in lockdown. If you are an optimist then the earliest time you could see any kind of activity resuming will be around early May and that could push the need to USD even higher.
Any opposing view, comments or arguments are welcomed