EUR/USD - Opens Higher On Risk Rally And EU Package Hopes...من Invincible

20 May 2020, 11:36 · Views 847

EUR/USD gained traction of French-German proposal to bolster EU fund
Move higher also supported by broad USD & JPY weakness as risk assets soared
EUR/USD testing 61.8 of 1.1019/1.0766 at 1.0922 with high on this move 1.0927
More resistance at 55-day MA at 1.0933 and break targets 100-day MA at 1.0971
Support at the 21-day MA at 1.0851 and the 10-day MA at 1.0840
EUR/USD likely to consolidate in Asia with EUR/JPY flows dictating direction

EUR/USD - Opens Higher On Risk Rally And EU Package Hopes

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Euro Holds Two Month High Against Dollar An additional 2.1m Americans filed for unemployment last week according to the Labor Department today. This is still a huge number which would be record setting in other times. That said, forex trading seems to have been buoyed more by the 4 million drop in continuing claims. This would appear to illustrate that some Americans at least, are starting to get back to work. With increasing hopes that the economy may be turning a corner, the EUR/USD market has emerged from a slump through the course of the week. Many hopes have also been carried by the announcement of a fresh 750 billion Euro stimulus package from the ECB.

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Bursa Malaysia's key index FBM KLCI is expected to hover between 1,420 and 1,450 points this week, after a strong last week. But investors would remain cautious on external development, including a potential standoff between the US and China over latest security law in Hong Kong, market observers said. Bursa is closed on Monday and Tuesday.

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It is worth noting that the Fed's interest rate meeting tonight will be the first time since December last year that a "dot map" will be released, providing forecasts of the US economy and interest rates. The forecast, which was supposed to be released in March, was shelved due to a shift to an emergency meeting.

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