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.
Only from April 12, 2021, to May 14, 2021, 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 […]
FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications