flag-gb flag-my flag-zh flag-id flag-th flag-vi

The EUR / USD further movement is unclear

The EUR / USD pair on Friday is trading in a very narrow range amid the lack of news on the market that could upset the balance.

 

On Thursday, the European currency was able to recover some of its previously lost positions amid the publication of weak US inflation data. Core consumer price indices were below the forecasted values. A further decrease in inflationary pressures may require the Fed to further ease monetary policy.

 

At yesterday's online forum, the heads of the ECB, the Fed and the Bank of England warned bidders against being overly optimistic about the development of a vaccine against COVID-19. The economic situation remains dire and the vaccine will not be able to quickly change the situation. Recovery can take significantly longer than previously expected.

 

Today, the market is reconsidering its expectations for a vaccine, as it becomes clear that it can take a very long time to complete all trials, register and produce the required number of doses. According to the most optimistic forecasts, the massive use of the vaccine may begin no earlier than spring 2021. This means that the economies of the United States and Europe will be under the pressure of the pandemic for several more months.

 

In the United States, domestic political events remain in the spotlight. Against the background of continuing uncertainty, the demand for the US currency remains stable. Donald Trump refuses to recognize the election results, despite the fact that Biden has already collected more than 270 necessary electoral votes to win.

 

The question of the adoption of a new package of measures to stimulate the economy also remains uncertain. Negotiations between Republicans and Democrats have so far gone without tangible progress.

 

On the chart, the currency pair is stuck in the channel 1.1785-1.1830. It is likely that today the currency pair remains within this range.

 

  • Resistance levels: 1.1830, 1.1865, 1.1920.

 

  • Support levels: 1.1785, 1.1700, 1.1635.

 

The main scenario - a rise to 1.1830 and a downward reversal.

 

An alternative scenario - a breakdown of the resistance at 1.1830 and growth to 1.1865.

 

The current fundamental outlook is neutral. We consider longs from the level 1.1785.

Latest news

No Deposit Bonus 100 USD – available for 3 days only!

2020-11-23 08:44:40

Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! πŸ† Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts πŸ“ How to get the bonus: 1) Register an […]

Deposit Bonus 200%

2020-11-03 08:45:33

Only from November 02nd to December 04th, 2020, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of 200%? […]