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EUR / USD remains under pressure

The EUR / USD pair on Tuesday is trading with a slight decline relative to Monday's closing level. The market situation has stabilized after very volatile trading on Monday.

Investors reacted very strongly to reports that a new strain of coronavirus, B.1.1.7, has been identified in the UK. The European currency was under strong pressure, but later it was able to win back losses due to the news that all EU countries introduced a ban on the entry of British citizens in order to prevent further spread of the virus. Investors also reacted positively to news that EU authorities want to approve a vaccine from Pfizer for emergency use.

 

In general, the market situation remains very nervous. Investors are concerned that a new strain of the virus could lead to increased restrictions and a new lockdown, not only in the EU, but also in other countries of the world.

 

In the United States this morning, Congress and the Senate approved a new economic aid package. The program is designed for $ 900 million. The funds will be used to support private households, small businesses and the healthcare system. The document was sent for the signature of the US President. Also, legislators approved a new government funding program until the end of September 2021 in the amount of 1.4 trillion US dollars.

 

In the US economic calendar today it is worth paying attention to the publication of the final data on GDP for the 3rd quarter, the CB consumer confidence index and the report on new home sales for November.

 

On the chart, the currency pair tested the level of 1.2250 again. Unsuccessful so far. In the short term, we expect the development of a moderate downward movement in the direction of the levels 1.260 and 1.2100.

 

  • Resistance levels: 1.2250, 1.2300, 1.2385.

 

  • Support levels: 1.2160, 1.2100, 1.2050.

 

The main scenario is a decline to 1.2160.

 

An alternative scenario is a breakdown of resistance at 1.2250 and an increase to 1.2300.

 

The current fundamental outlook is moderately negative. We consider shorts from the levels of 1.2250 and 1.2300.

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