EUR/USD keeps rallying on EU’s recovery fund

EUR/USD keeps rallying on EU’s recovery fund

2020-07-20 • Updated

What’s happening?

EU members will meet today for the fourth day of talks. According to Bloomberg, EU countries such as the Netherlands, Austria, Denmark and Sweden are ready to agree on a key plank of the deal. 390 billion euros of the fund should be invested as grants and 360 billion euros – as low-interest loans. It gave the euro a strong impetus to the upside.

The overall market sentiment is still mixed. New coronavirus cases are still climbing up. However, some hopes for a soon vaccine appeared. Richard Horton, Editor of The Lancet, tweeted this on Sunday:

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His tweet improved the market sentiment a little bit and weighed on the safe-haven US dollar, as well. Of course, there are some fears that the EU meeting may end today without the final agreement. That would push the Euro to the downside, but now everything seems to go according to the plan.

Technical tips

The euro has shown the great performance since the coronavirus outbreak happened. It has managed to rise from 1.0656 to almost 1.1450 for over 4 months. Today it approached to the high of January 6, 2019 at 1.1470. If it breaks it through, it will surge to the resistance at the key psychological mark at 1.1500. Support levels are at lows of July 17 and 18: at 1.1428 and 1.1385, relatively. Follow news further!

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