EURUSD rises on ECB stimulus.
EURUSD rises after ECB increased its bond-buying scheme by €500 billion and surprised the investors by extending the program through at least March 2022. ECB agreed to provide banks with even more ultra-cheap liquidity as long as they keep passing the cash onto companies. ECB economic projections are expected to show weaker growth in 2021 due to the second wave of the coronavirus, but better prospects for economic growth in 2022 – leaving the path to growth little changed (FX markets have already started to price in a post-pandemic recovery). This is adding to the prevalent risk on sentiment due to the soon expected start of the mass vaccination across the Europe.
Expect buyers on downward corrections.
Next resistance to watch – 1.2180
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