The uptrend in the US stock market is gaining momentum, which is favorable for this currency pair, inasmuch as it is historically correlated with the S&P500 index. The broad market index is one step away from renewing its historical maximum, and I have no doubt that we will see a new record in the very near future.

The Fed does not plan to change monetary policy until the labor market improves, which will provide good support to the stock market. The unemployment rate in the United States is 5.8% now, up from 3.5% before the coronavirus crisis. Therefore, the US stock market will show an upward trend for a long time.

Trading recommendation: Buy 110.60/110.35 and take profit 111.10.