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Riku Tanaka
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Forex
April 14 21:23

EUR/USD regains Monday's lost ground and stays above the 1.0900 mark

EUR/USD blurs Monday's drop and retakes 1.0950 as effect of COVID-19 on world economy continues to be focus of attention. Import/Export Prices, NFIB record, Fed speeches next on the US docket.
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The single European currency has continued its growth spurt on Tuesday (Apr 14) and is currently carrying the EUR/USD pair back to the range of 1.0940-50, where some reasonable resistance has kept it.

EUR/USD continues to head towards the 1.0990 region
EUR/USD has turned around the cynicism that was directed towards it at the start of the week and maintains momentum to bounce back from the limits of the 1.09 region to the 1.0940-50 range during the European morning.
Meanwhile, the bigger picture of the global markets is still awaiting fresh data from the economic effect of the coronavirus pandemic as the lockdowns in Europe and the US continue to pummel economies. Be that as it may, a few nations have revealed plans to begin reinvigorating their lethargic economies in the following few weeks, which has provided some support for the euro’s stability.
As for the later outlook of today’s (Apr 14) trading session, there are no scheduled data releases in the Eurozone, but across the Atlantic, there markets are eagerly awaiting the Import/Export Prices, the NFIB Index as well as the FOMC's Bullard, Evans and Bostic speeches.
What to expect for the euro
The euro is teetering on the brink of gains with losses in the week’s first half, as the coronavirus battle remains the focal point of consideration. Looking out on a larger scale, the regional currency is projected to come under some pressure following a projected economic contraction in the Eurozone in the first two quarters of 2020, consigning any hopes for a solid recovery to the third quarter and possibly even the fourth. Looking to the bright side, the recent agreement between the region’s finance ministers helped to ease some political ebullition among some state leaders, keeping retracements at bay for the time being.
EUR/USD levels to look out for
Right now, the pair is increasing 0.26% at 1.0934 and a bit above 1.0967 (weekly high Apr 13) would target 1.0971 (55-day SMA) on its way to 1.0992 (monthly low Jan 29). Then again, immediate contention develops at 1.0906 (weekly low Apr 13) trailed by 1.0814 (78.6% Fibo of the 2017-2018 rally) and lastly 1.0768 (month to month low Apr 6).