EURUSD falls on positive USD data.
EURUSD under the bearish pressure today amid widespread dollar optimism – after ADP payroll data in USA showed an increase in employment on Wednesday and ISM data showed services industry activity in the United States rose to its highest level in two years in January. The Democratic-controlled U.S. House of Representatives remotely approved a budget on Wednesday that will allow them to pass President Joe Biden’s proposed $1.9 trillion coronavirus aid plan without Republican support. The other factor undermining the pair is the relative success of USA vaccination programme as compared to European – the slow initial roll out of vaccines in Europe is adding to concerns that it risks undermining the outlook for global recovery in 2021 – boosting the relative appeal of the US dollar and forcing EURUSD down.
Expect sellers on upward corrections.
Next support to watch – 1.1925
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