EURUSD Daily FX Update for Monday, July 13, 2020. The United States continues to get hammered with exploding cases of the Coronavirus. The state of Florida just recorded more than 15k cases in a single day, the largest number of single day cases in the US for any state so far.
There is a likelihood that the US will start to see a return to economic shutdowns, or at the very least a very extended economic slowdown that could well exist into the spring of next year.
Meanwhile the Eurozone has largely contained the virus and has begun recovering economically. The one thing hanging over the EU is the prospect of Brexit and how the negotiations will playout.
Of note on the economic calendar today is Fed Williams Speech and the Monthly Budget Statement for June.
EURUSD short-term technicals: Bullish—the pair looks strong on the 1- and 4-hour charts with an eye toward the Core CPI numbers due out tomorrow.
R3: 1.1726, R2: 1.1577, R1: 1.1405, P: 1.1256, S1: 1.1084, S2: 1.0929, S3: 1.0760