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Based on fundamentals, the outlook for the US economy is marked with uncertainty over geopolitical tensions, coronavirus control and the upcoming presidential elections. In addition, the trade deal for the US is hanging in the balance, amidst heightened US-China tension over the past week.
The rise in Euro is not only driven by the relief stimulus alone but also a sign of a more united EU in years to come. For the first time, the European Commission will be issuing debt which will benefit the struggling economies in EU, mostly the southern countries. While the richer countries such as Germany realized the rising impetus to help the poorer nations to prolong the viability of the bloc and the strength of the Euro .
Conclusion: Look for Euro to continue rising against the Dollar, buying opportunities at the retracement level of 23.6%. Bullish momentum is present with strong upward trends and instances of 'buying the dip'.
The rise in Euro is not only driven by the relief stimulus alone but also a sign of a more united EU in years to come. For the first time, the European Commission will be issuing debt which will benefit the struggling economies in EU, mostly the southern countries. While the richer countries such as Germany realized the rising impetus to help the poorer nations to prolong the viability of the bloc and the strength of the Euro .
Conclusion: Look for Euro to continue rising against the Dollar, buying opportunities at the retracement level of 23.6%. Bullish momentum is present with strong upward trends and instances of 'buying the dip'.
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