The Euro is again below 1.19

31.07.2020 11:54
The Euro / dollar is down from highs above 1.19.
The Euro / dollar pair briefly rose above the 1.19 mark at the beginning of trading, which was last updated in may 2018, and always against the background of ongoing dollar sales.

Indeed, new political unrest in the US has emerged in recent hours after President trump hinted at the idea that the November election could be delayed due to possible fraud fears. The US Senate, however, quickly ruled out the plan, saying that such a measure should be passed in Congress.
In addition, the latest US GDP data showed a historic decline in economic activity in the second quarter, while the labor market continues to deteriorate (according to the latest claims data).
The Euro / dollar pair recorded new peaks just above the 1.19 level at the end of the week, once again confirming the strong dynamics around the single currency and its other risky counterparts. The sharp upward movement, although largely driven by the dollar's sell-off, found additional support in the favorable macro results, which in turn supports further perceptions of a strong economic recovery after the coronavirus. Also giving a boost to the Euro movement, a recent deal with the European recovery Fund helped put an end to political fears in the region.
At the moment, the pair has added 0.17% to 1.1867, and a break of the level of 1.1909 will target the Euro at 1.1996 and 1.2032 . On the other hand, support levels lie at 1.1709, 1.1495 and finally 1.1448 .

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