The Euro extended its advance for the sixth day in a row, climbing to an overnight and early March peak at 1.11961 before easing to settle at its current 1.1185. Markets have been bulled up on the Euro ever since the announcement of an increase in the Pandemic Emergency Purchase Program (PEPP) of at least EUR 500 billion. Some are forecasting a rise of up to EUR 750 billion to EUR 1 trillion. The expectations are high and any disappointment, which are likely will see a corrective move lower on the shared currency.
We reported last week that net speculative Euro long bets were elevated to near one-year highs. Profit-taking will limit any Euro gains to the immediate resistance at 1.1200. The next resistance level can be found at 1.1240 followed by 1.1280. On the downside, support can be found at 1.1140 followed by 1.1110 and 1.1080. Look for a likely trading range today of 1.11-1.12, prefer to sell rallies. A corrective move back to 1.1050 could well be in the making.