The US dollar bounced sharply on Wednesday as the markets turned into risk-off mode amid growing worries about the ever-increasing number of new coronavirus cases globally. Also, the IMF did little to provide any optimism to investors as they projected a deeper recession in 2020. The Euro dropped below 1.13 once again despite better than expected German IFO survey. The single currency bears will be looking to sell any bounce to the upside targeting 1.12 and beyond, as long as risk-off sentiment prevails.
Support: 1.1230 / 1.1170
Resistance: 1.1280 / 1.1350
Risk Warning: 56.82% of retail CFD accounts lose money
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