EUR/USD: at one-year highs
Key indicators
Performance in 2020: +1.2%
Last day range: 1.1332 – 1.1458
52-week range: 1.0777 – 1.1496
What’s happening?
While the American stock market is disoriented, oil price slumps and the shale companies are brainstorming their way to stay in the business, the euro gets stronger against the US dollar. EUR/USD trades at 1.1363 - the range of one-year highs. They were broken already on Monday, so now the currency goes in a downward correction. The Awesome Oscillator indicates the high ground reached by the currency pair, and before it goes further up it would need to take some rest to gather momentum. In the context of the latest global events, clouds are gathering above the USD. Hence, fundamentally, until good news come to the American side, the dollar is very likely to lose ground to the euro. In the meantime, the ECB interest rate press conference is a major thing to watch this week, so eyes open.
Technical levels
Resistance 1: 1.1505, Resistance 2: 1.1576
Support 1: 1.1340, Support 2: 1.1280
