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The EURUSD edged higher for a second consecutive session after news on Monday that FrANCe and Germany have come up with a proposal for a fund that will help European Union regions worst hit by the COVID-19 pandemic.
The plan put forth by the two nations consists of the European Commission borrowing 500 billion Euros on behalf of the European countries to be redistributed based on a set of criteria. Further details on how the funds will be allocated will be given before the European summit on May 27th.
An overall risk-on Trading sentiment has taken hold since the start of the week as a gradual reopening of the European economies added to the optimism of a swift recovery. Safe haven currencies such as the US Dollar or Japanese Yen have seen their values depreciate in the past sessions.
The Euro is also being supported by stronger than expected German investor sentiment, abating fears over the impact of the COVID-19 pandemic on Europes largest economy. Euro bulls will be looking for signs of steady increases in manufacturing output and price indices this week to support their position.
Over to the US, the greenback has been under pressure due to a decrease in safe-haven demand following encouraging early-stage data for a potential COVID-19 vaccine, lending additional support to the EURUSD.
From a technical perspective, the EURUSDs immediate test will be the 0.618 Fibonacci retracement level at 1.0958. The pair managed to clear above it today but is retreating from its highs at the time of writing.
(Chart Source: Tradingview 04.05.2020)
The presence of sellers can be felt in this supply zone with a bearish target of 1.09028. Some degree of mean reveRSIon may send the pair lower in the near term as the market digests the recent win streak. Momentum is pointing to further gains with both the MACD and RSI indicators edging higher.
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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