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The Euro edged higher on Wednesday against the USD as the latter continues to depreciate after the US Federal Reserve announced emergency stimulus measures to support the markets. The unprecedented move will make credits easier to obtain to companies and individuals hard hit by the coronavirus pandemic. The two trillion USD stimulus package is expected to be passed in the US Senate today.
The European Central Bank (ECB) chief Christine Lagarde has requested all Eurozone finANCe minister to consider a one-off joint debt issue of “corona bonds” to help fight the epidemic. German business climate morale for the march has dropped to its lowest since 2009, as indicated by a survey from the Ifo Institute. Overall euro land economic sentiment remains bearish in part due to the pandemic, suggesting the main factor behind the EURUSD move is a weakness in the US dollar.
From a technical perspective, the EURUSD has resumed its somewhat sideways trendline since November 2017, remaining above the 1.070 marks. The pair managed to cross over the 23.6 Fibonacci level but appears to be already meeting some resistANCe at the 1.088 range. The weakness of the USD can only support the pair so far, realities are kicking back in and the EURUSD will likely correct downward slightly in the short term. The bearish target will be last weeks low at 1.063, with immediate support likely to be felt at 1.0779.
(Chart Source: Tradingview 25.03.2020)
General momentum remains bearish from a macro and technical perspective as markets continue to fluctuate heavily due to the coronavirus. By the end of the week, we will have further clarity on the effectiveness of recent monetary policy decisions by global central banks on stabilizing equity markets.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap -EURUSD
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