EURUSD under bearish pressure.
EURUSD under the strong bearish pressure today as the markets failed to be impressed by upbeat euro zone factory activity in February. The relative differential in the efficacy of handling of the Covid-19 epidemic is leading to significant outflows from the euro into the dollar – as the Americans should be able to receive Johnson & Johnson’s COVID-19 vaccine within the next 24 to 48 hours – making it the country’s third available one for the novel coronavirus. The traders are currently focusing on the recovering U.S. economy and the new round of stimulus of President Joe Biden – which should be positive for USD. Investors are also waiting for a speech later this afternoon by President Christine Lagarde, who is under pressure to act against rising yields in the euro zone – which would be bearish signal for EURUSD.
Expect sellers on upward corrections.
Next support to watch – 1.2021
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