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The growth potential of the EUR / USD pair is still capped at 1.18

The EUR / USD pair during the Asian trading session was able to strengthen by more than 0.15% and rose above 1.19 due to the weakening of the dollar across the entire spectrum of the market.

 

The sharp internal political struggle in the United States continues to exert a strong influence on the American currency. A few days after Donald Trump announced the suspension of negotiations on the formation of a new stimulus package, Democrats and the White House resumed discussions on the new bill. But most lawmakers are still confident that the new law will be agreed only after the presidential elections, which will be held on November 3.

 

In Europe, the main focus is on news about the spread of COVID-19. More than 4,000 of new cases of COVID-19 infection are being recorded for the second day in a row, according to the Robert Koch Institute in Germany. These are the highest numbers since April. 4,058 new infections were recorded on Wednesday, and 4,516 on Thursday. Investors fear that the further spread of the virus could lead to increased quarantine measures, which will inevitably have a negative impact on economic activity in the country and the region as a whole.

 

The economic calendar in the EU and the US is empty today. The main influence on trading will be provided by the situation on the stock markets, the situation on the debt securities market and news of geopolitics.

 

On the chart, the bulls are once again trying to overcome the local resistance at 1.1780. The chances of success are high enough, but the potential for the development of an upward movement is still limited by the level of 1.1800.

 

  • Resistance levels: 1.1780, 1.1800, 1.1865.

 

  • Support levels: 1.1755, 1.1700, 1.1635.

 

The main scenario - a rollback to 1.1755 and an increase to 1.1800.

 

An alternative scenario - growth to 1.1800 from the current levels.

 

The current fundamental outlook is neutral. We consider longs from the level of 1.1755.

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