Don’t waste your time – keep track of how NFP affects the US dollar!
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EUR/USD has again failed to cross the resistance of 1.1900 this week and directed to the downside. The pair’s drop isn’t linked only with the euro’s weakness, but also with the dollar’s strength. The market was indecisive for some time, but virus fears outweigh vaccine hopes eventually, and the risk-off entered the market.
Today is a really important day for the euro as ECB’s President Lagarde has had a meeting already and the EU conference is ahead. Lagarde’s speech drove the EUR down as she gave pessimistic comments on the economic recovery of Eurozone and emphasized the devastating effect of the fresh Covid-19 resurgence. Indeed, the number of new infections rose significantly, and EU countries imposed social distancing restrictions and lockdowns. Elsewhere, Lagarde claimed that additional monetary and fiscal support will be needed. A potential further easing pushed the euro down.
EUR/USD has broken through the 50-period moving average at the 1.1830 level. The way to the key psychological mark of 1.1800 is clear now. If it manages to cross it, it may fall to the 200-period moving average of 1.17825. However, the 50-period moving average has been supporting the pair so far this week, so it may turn to the upside again. The strong resistance area is 1.1890-1.19000. The move above it will drive the pair further up to the next round number of 1.1950. Follow the EU Conference at 17:00 MT time as it will impact the euro!
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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