FX.co ★ EUR/USD analysis for July 01 2020 - Downside pressure on the EUR with potential test of 1.1114 and 1.1090

Corona virus summary:

The prime ministers of Spain and Portugal participated in a ceremony to officially reopentheir joint border to all travellers after a three-month closure. Elsewhere, tourists were welcomed back to Greece, Malta and Croatia on Wednesday. The Greek prime minister said his country should prepare for a "very difficult" tourist season, with revenues from tourism predicted to decline from €18.1bn to €5bn this year.

Technical analysis:

EUR has been trading sideways. I see further downside movement due to potetnial C leg in creation. There is potential for test of 1,1114-1,1090.

Trading recommendation:

Resistance level is set at 1,1260