EURUSD rises on vaccine, Brexit and stimulus hopes.
EURUSD continues to rise on the continued risk-on mood amid the vaccine and stimulus-driven optimism. After London and Brussels agreed to “go the extra mile” to try to save a Brexit trade agreement this lifted the euro up against the weakening dollar. Dollar weakness can be attributed to the fact that the prospect of a vaccine-driven global economic recovery lessens the need for safe havens. Safe haven outflows from dollar also accelerated when it was reported that the $908 billion relief plan would be split in two to win approval and could be introduced as early as Monday – which is driving EURUSD up.
Expect buyers on downward corrections.
Next resistance to watch – 1.217796
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