The pair will continue to move lower in the following days towards a major support line. Investors of the single currency were whipsawed following the disappointing results from the EU member states which ended the EUR/ SEK
rally. A month after the coronavirus became pandemic, analysts gave an outlook to economies who suffered from the “Global Lockdown”. The outlook for Germany was a decline of 4.2% for fiscal 2020. Meanwhile, a recovery is expected in 2021 wherein the EU’s largest economy is expected to expand by 5.8%. However, six (6) months after these projections, analysts have now revised their initial forecast and downgraded Germany’s recovery. The economic contraction for 2020 is now expected to reach -5.4%. Meanwhile, recovery by 2021 was slower at 4.7%. This means that it will take another year for Germany to recover from the financial turmoil brought by COVID-19.