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EURUSD overview 03.12.2020

EURUSD rises on signs of U.S. fiscal stimulus progress.

EURUSD continues to rise steadily on strongly bearish USD sentiment on signs of progress towards U.S. fiscal stimulus and the optimism about mass COVID-19 vaccination to be performed soon in Eurozone and USA. The risk-on mood was supported by the signs that a $908 billion bipartisan proposal could be gaining traction in USA congress. Highlighting this progress ex-Obama adviser said that “ U.S. Should open taps on fiscal stimulus”. The markets are now focusing more on the positive news developments – also expecting more normalised trade relations between the United States and China under the Biden administration – which is also driving dollar sales and supporting the EURUSD. Euro bulls were further emboldened by the recent absence of ECB reaction to the breakout of the key resistance at 1.20.

Expect buyers on downward corrections.

Next resistance to watch – 1.2225

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