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Riku Tanaka
April 13 21:20

EUR/USD gain stumbles upon reaching 1.0980

After making a moderately high gain to range of 1.0980, the EUR to USD comparison has lost its momentum and fell to somewhere around 1.0930.
EUR/USD is set to maintain it gains at on Monday (Apr 13), as it manages to keep value above 1.0900 mark against the backdrop of low trade conditions due to the Easter Monday holiday in most of the European markets.

Meanwhile, effects from the coronavirus pandemic continue driving the global sentiment as some countries attempt to loosen some lockdown measures in favor of the gradual re-boot of economic activity.
No significant data is scheduled for release on both sides of the Atlantic on Monday (Apr 13), while US Retail Sales, Unemployment Claims, Manufacturing figures, the German IFO and the finalized Eurozone inflation figures for the month of March will all be published later in the week.
The euro is maintaining its gains on Monday amidst low volatility and the aforementioned thin trade conditions. In the bigger picture, the latest better-than-expected results in fundamentals in both Germany and the Euroze in general, have given some respite in the prevailing downtrend in fundamentals, although the latent stance still remains well on the negative side. Additionally, the recent agreement by Europe’s financial ministers helped to alleviate some political ebullition among some of the nations’ leaders, which further underlines the upbeat momentum in the single currency.
EUR/USD levels are at the moment, losing 0.01% at 1.0931 and a break above 1.0967 (weekly high on Apr 13) would target 1.0973 (55-day SMA) on their way to to 1.0992 (monthly low Jan.29). On the other hand, immediate contention emerges at 1.0814 (78.6% Fibo of the 2017-2018 rally), seconded by 1.0768 (monthly low Apr.6) and finally 1.0635 (2020 low Mar.20).