EUR/USD: Vaccine optimism encourages the euro

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EUR / USD has risen in response to optimism about a coronavirus vaccine, but the lockdown-related slowdown and political uncertainty limit the bullish move. Meanwhile, Monday’s 4-hour chart shows bullish bias and a well-defined range, Analyst at forex visit.

Key quotes

Investors received another shot in the arm, this time from AstraZeneca and the University of Oxford. The British Immunization Project reported efficacy of 70% on average and 90% for a lower regiment dose. Injecting 1.5 doses instead of two was more effective. If the interim results are confirmed, it could mean being able to vaccinate more people. “

“The winter wave of coronavirus has prompted governments to impose restrictions and these are taking their toll. Markit’s preliminary purchasing manager indices for November have fallen, and services sectors are contracting at a faster pace, weighing on the euro. France, which announced a stricter blockade, is worse off than Germany. “

Outgoing President Donald Trump has been unsuccessful in his attempt to overturn the election results, suffering blows in Georgia and Pennsylvania. Reuters has reported that Trump intends to impose new sanctions on Chinese companies, which could boost the safe-haven dollar. “

“EUR / USD is trading within a well-defined range between the double-bottom support at 1.1815 and 1.1895, a double-top. Both levels were last tested last week. Above 1.1895, the next lines to watch are 1.1920 and 1.2010. Support awaits at 1.1850, which was a cushion late last week. Below 1.1815, the next level to watch is 1.1780 “.

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.


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