The US dollar seems to extend its depreciation on continued trading on Wednesday in line with analysts' predictions after President Donald Trump signed a $ 2.3 trillion economic stimulus package to be implemented.
In addition, the U.S. House of Representatives has approved an additional $ 600 to $ 2,000 value proposition to the United States (US).
Still, investors were a little wary when U.S. Senate Majority Leader Mitch McConnell on Tuesday objected to the consideration for action to increase aid to $ 2,000. He suggested that the Senate evaluate the matter first.
This factor can re-create anxiety in the market if the implementation of the economic stimulus package is seen to take longer to implement.
For now, investors are still positive on the sentiment of the package which prompted the US dollar to continue to move weak in the market.
On the price chart of the major currency pair EUR / USD, the price has continued to rise on Tuesday re-testing the resistance zone of 1.22700 reached the previous week.
After closing the New York session trading lower again around the 1.22500 level, the price continued to rise in the Asian session this morning (Wednesday).
As of 9.30am local time, the price jump around 30 pips seems to have managed to record the latest height record above 1.22800.
The latest increase has also recorded the highest level since April 2018 and with the momentum displayed will expect a higher increase.
The focus level of 1.23000 will be tested before the closing price of trade for 2020 at the 2-year high.
However, if a decline occurs, investors will evaluate the price reaction at support levels as at 1.22500 before the decline to the RBS zone (resistance become support) at 1.21800.
