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EURUSD overview 01.02.2021

EURUSD drops on risk-off sentiment.

EURUSD under bearish pressure today – hit by broad-based US dollar bullishness on the strengthening risk-off sentiment seen across the global markets today. The change in risk sentiment is due to the latest wide scale delays in the implementation of the anti-covid-19 vaccination programmes in USA and Europe – which are threating the economic recovery there. The other factor is the latest appearance of the strong player in the global markets- the reddit subscriber group – a team of over 6 million highly organised retail traders which collectively have the power to move the global markets (raising the solver today) – making the trading less predictable.

Amid this sentiment the upbeat Eurozone Final Manufacturing PMI failed to lift the euro.

Expect sellers support to watch – 1.2055

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