EUR/USD – Extends Rally, Spotlight on US Data, 1.09-1.10 Likely

The Euro extended its advance against the broadly weaker US Dollar even as France extended its lockdown. EUR/USD traded to 1.09907 in late New York, its highest in two weeks, easing to settle at 1.0982 in early Sydney.

Forex Live EUR USD H1 Chart - 15 April 2020
Forex Live EUR USD H1 Chart – 15 April 2020

Without any big economic numbers out of Europe this week, traders will focus on the latest coronavirus updates as well as today’s US Retail Sales report and Fed Beige book. In Europe, while there has been continued improvement in Covid-19 related numbers, most have extended lockdowns until early May. Russia warned that it could run out of hospital beds as cases spread around the large country.

EUR/USD has immediate resistance at 1.1000 and 1.1030. This level is strong and should hold while the markets await US Retail Sales and Fed Beige Book. Most traders are not expecting anything good to come from these reports. Which remains to be seen. Immediate support can be found at 1.0960 and 1.0910. Look for a likely range today of 1.09-1.10.


Was this post helpful?