FX.co ★ EUR/USD analysis for July 03 2020 - Potential for the bigger drop towards the 1.1035

Corona virus summary:

Boris Johnson is standing by his decision to allow pubs, bars and restaurants to reopen in England on a Saturday despite concerns from the public that it could put extra strain on the police and the health service.

In a radio interview the prime minister suggested that the day of the week for reopening would not make a difference, but reminded people to enjoy themselves safely.

Johnson told LBC that the government had thought carefully about the date, after a caller into the station suggested a weekday might have been more appropriate, given the increase in drunken behavior at weekends.

Technical analysis:

EUR/USD has been trading sideways at the price of 1,1233. The EUR is trading in well defined trading range between the price of 1.1185 (support) and 1,1290 (resistance).

Trading recommendation:

Watch for potential breakout of the support to confirm further upside movement. EUR is trading in the downside channel and there is still chance for the down continuation towards the levels at 1,1170 and 1,1035.