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EUR / USD may continue to move up

The EUR / USD pair maintains an upward movement vector due to the global weakening of the American currency. Since the beginning of the day, the dollar index has dropped by almost 0.2%. Among the G7 currencies, only the Japanese yen is currently trading down against the dollar.

 

The dollar is under pressure from two key factors. First, the Fed's soft monetary policy and expectations for the implementation of a new package of assistance to the economy in the amount of 1.9 trillion. dollars. Second, the growth of global stock indices and the risk appetite of investors. Against this backdrop, the Japanese yen, the US dollar and other safe-haven currencies came under pressure.

 

In the economic calendar of Europe today, the focus will be on the indexes from the ZEW Institute for Germany (expected to decline compared to last month) and preliminary data on EU GDP for the 4th quarter.

 

In the US, the focus will be on discussions related to the new stimulus bill and statements by the Fed. Today, the presidents of the Federal Reserve Bank of Kansas City, Dallas and San Francisco are expected to speak.

 

On the chart, the situation has practically not changed over the past day. Trades are taking place in the area of ​​the level 1.2140. A breakdown of this level will open the way to the level 1.2175. A downward rebound is a signal of a decline to 1.2090.

 

  • Resistance levels: 1.2140, 1.2175, 1.2255.

 

  • Support levels: 1.2090, 1.2050, 1.2000.

 

The main scenario is a breakdown of resistance at 1.2140 and a mouth in the direction of 1.2175.

 

Alternative scenario - decline from current levels to 1.2090.

 

The current fundamental outlook is neutral. We consider shorts on the rise to the level of 1.2175.

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