Analysis Market overview

EURUSD overview 28.10.2020

EURUSD sinks on lockdown fears.

EURUSD under bearish pressure on prospects of a national coronavirus lockdown in France.

EURUSD fall as the result of the strongly bearish euro sentiment as Eurozone is facing new strict lockdowns dues to geometric rise in coronavirus infections across the continent. President Emmanuel Macron will address the nation today amid media reports that the French government may impose a lockdown from midnight on Thursday. Apart from France Italian officials introduced measures to control what is now the worst outbreak of the coronavirus in Europe – leading to euro bearishness and driving EURUSD down. USD is currently bought on the knee-jerk reaction to the possibility the global economic recovery will be undermined by the new restrictions.

Expect sellers on upward corrections

Next support to watch – 1.1690

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