EURUSD Analysis
EURUSD has reached the bottom level (higher low) of the uptrend line.
Let’s wait for the confirmation of breakout or reversal.
USD becomes strong due to Non-releasing of stimulus funds and upcoming election.
The second wave of Corona Virus
France and Germany impose one-month new lockdown measures as cases again surge back to higher, Europe in most areas are imposed with tight restrictions for controlling cases.
The upcoming European Central Bank (ECB) meeting will clarify whether Lagarde will add stimulus purchase program to recover economy or not is expectations by investors mind.
France imposes new lockdown measures are hurting for European economy since it is the second-largest economy in European nations. In Upcoming days Euro will suffer little downfall ahead of economic recovery is a challenging scenario.
ECB may pass additional stimulus package then Euro will safe from this second attack of Covid-19. US and Europe now in lockdown by the Second wave of covid-19.
US Dollar
Virus surges in US, Europe, Britain favours a US dollar for surging to previous highs as expected by investors mind.
Donald Trump still holds the Stimulus package and planning to release funds only after completing the U.S Election.
The US have 2 major upcoming things to do:
- Releasing the Covid-19 Stimulus Package funds
- U.S President Election (Trump Vs Biden)
Polls indicating Joe Biden leading over Trump, but polls are opposite in 2016 election for Trump victory. Hence Investors fear over election uncertainty and Covid-19 resurgence in most of the world.
Anyhow the US dollar plays a dominant role in this November month as fears start in the market.
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Hi EURUSD will break this support and go very very bearish. My numbers say 0.9900 as EURUSD and this down trend will end with stock market crash and will raise above 50% of the total down move done on S&P500.
Thank you for the fundamentals, very helpful and gives good insight.