EURUSD rebounds ahead of Janet Yellen’s speech.
EURUSD under the dual effect of the bullish euro sentiment as well as the bearish US dollar sentiment affecting the FX markets at the moment. The bullish euro sentiment comes after German ZEW Economic Sentiment beat estimates with 61.8 points – highlighting business optimism regarding the mass vaccine programmes and the prospects of economic recovery in the Eurozone. The other side of the pair USD is also under the strong bearish pressure on the improved risk sentiment in the anticipation of Treasury Secretary nominee Janet Yellen’s testimony later today in she will tell the Senate Finance Committee that the government must “act big” with its next coronavirus relief package and that administration is committed to the market determined exchange rate – both of which paint the weak USD outlook.
Expect buyers on downward corrections.
Next resistance to watch – 1.2160
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