The bearish pressure on the Euro is mounting as price is currently trading below the 50-day SMA amid a strong pick up in the US Dollar demand. Rising odds of fresh lock-down measures to control the second wave of coronavirus outbreak triggered a selloff in the equity markets. Apart from this, the single currency was further weighed down by not so optimistic comments by the ECB President Christine Lagarde, saying that the economic recovery remains very uncertain, uneven and incomplete. Having said that, the USD bulls will remain cautious today ahead of the Fed Powell’s congressional testimony, keeping in mind that the pair needs to break below 1.17 before the bears take full control.
Support: 1.17/ 1.1620
Resistance: 1.1770 / 1.1830
Risk Warning: 56.82% of retail CFD accounts lose money
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