EURUSD At Eight-Month Highs  

EURUSD Daily Chart
EURUSD Daily Chart

EURUSD makes eight-month highs amid USD weakness across the board. Coronavirus spread in the U.S. weighs on the dollar after the Fed cut interest rates by 50 basis points to 1% – 1.25% in a move to offset the virus impact on the economy. Earlier today the Germany Factory Orders for January came in at 5.5% above the forecasts of 1.4%, the previous reading was at 6.6%. The yearly reading came in at -1.4% also above the expectations of -7.6%. Traders now await the monetary policy decision by the ECB on March 12. 

On the technical side, EURUSD is 0.01% higher at 1.1235 as the bullish momentum that started from February 21 is still intact. On the upside, the immediate resistance for the EURUSD stands at 1.1248 the daily top. A break above might target the next resistance level at 1.1278 the high from July 19, 2019. 

On the other hand, the initial support stands at 1.1211 the daily low. If the pair breaks below the next target would be at 1.1119 the low from March 5, while more bids might emerge at 1.1098 the 200-day moving average. 

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