Tuesday, November 17, 2020

Can EUR / USD reach a high of 1.1900 today?

 The US dollar moved weakly in the market earlier this week with several major issues becoming the focus of investors, especially in the United States (US).

The increasing secession in the US and the smooth transition of Joe Biden as President offset market sentiment.

Boosting vaccine sentiment again, Moderna became the second US pharmaceutical company in a week to report a positive decision on the Covid-19 vaccine test.

However, the market reaction to positive vaccine developments is less encouraging as the US is seen to be struggling to stem a second wave of outbreaks, and there are chances that a vaccine switch won't be available in the foreseeable future.

Virus-containing measures in the US and Europe are now reportedly showing a better signal, but health systems are still under pressure.

The victorious euro currency shows an increase against the US dollar but at a rate that is seen slowly.

On the chart of the EUR / USD currency pair, the price has exhibited a decline in the European session overnight testing the support face of its Moving Average 50 (MA50) on the hourly price frame.

The price started to increase again in the New York session so that trading continued to the Asian session this morning.

The higher bulls in price are seen to test the zone resistance at 1.19000 which was a hurdle for price increases last week.

The next increase will lead to an altitude of 1,20000 for the price of registering the latest 2 month high face.

However, if the price returns to its original level below the MA50 support level, the level of around 1.18000 will become the price support zone.