EURUSD rises on continued risk-on sentiment.
EURUSD under bullish pressure as the markets are continuing to move out of the dollar into riskier currencies, equities and into the euro on the latest announcement by Moderna that it will apply for emergency authorization of its COVID-19 vaccine in Europe and the United States, based on 94.1% effectiveness in the 3rd stage trials of the vaccine. The EURUSD gains are seen primarily driven by the safe-haven outflows from the dollar with the nearby powerful resistance level 1.2000 closely watched by market participants. Given that $1.20 level is not a cause for concern for the ECB, since the trade-weighted euro index is more steady – the markets are likely to test this resistance level pretty soon.
Expect buyers on downward corrections.
Next resistance to watch – 1.200
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