In Asia, the EUR / USD pair slipped by more than 0.1% after reports that Pfizer may begin shipping a COVID-19 vaccine by the end of this year. The news provided strong support for the US dollar, which is now trading 0.2% higher.
The Pfizer / BioNTech vaccine development team announced that they have collected sufficient safety data to submit this data for analysis to the US FDA within a few days to obtain approval for the vaccine in an emergency. Investors hope that the swift implementation of the COVID-19 vaccine will significantly improve the epidemiological situation in the United States and contribute to a faster economic recovery.
The European currency continues to be pressured not only by the economic problems caused by the pandemic, but also by domestic political disagreements over the aid program for the affected economies and Brexit uncertainty. Today, the leaders of the EU countries will hold a conference at which they will discuss these problems and try to solve them. If the EU leaders are able to agree on a program to help the economy, the European currency can win back the positions it lost today and yesterday.
Among the macroeconomic reports, the main attention should be paid to the data on the US labor market and the publication of indices from the Federal Reserve Bank of Philadelphia.
The bulls were unable to break through the resistance at 1.1890 yesterday. Now a pullback movement is developing from this mark. The target is the level 1.1815. Resumption of upward movement can be expected from this level.
The main scenario is a decline to 1.1815 and an increase to 1.1890.
Alternative scenario is growth from the current levels and a breakdown of resistance at 1.1890.
The current fundamental outlook is neutral. Longs remain a priority with entry points in the area of the level 1.1815.
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