Currently, EU leaders are discussing the possibility of a Corona Virus Stimulus package; with there being a standstill between the frugal four (Austria,Netherlands,Sweden,Denmark) and the "Club Med" members (Greece,Italy and France) whom want the stimulus to be treated as a grant but the frugal four disagree.
As discussions go on, and the lack of news in the USA and States facing further closures- we could see a strong turn around for the Euro against the dollar.
(USA) Expansionary fiscal measures set to reach expiry at the end of July- with talks being held this week on what the next move is- we should see some strong movement.
EUR/USD has been strong and has rallied quite strong to break a long term downward trend to turn , however, it is now approaching resistance, so what's next?
Resistance is also placed at a HTF support thus now , as well as being a key Fibonacci level- therefore we can expect a retracement- unless Brussels decides otherwise
Can be treated as a short trade with stops placed outside of the green area; with it hedged with a break-out trade
If the euro breaks that region and the further resistance, it could approach levels not seen since 2014
-Megalodon Whales (Rahim)
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TVC:DXY FX:EURUSD FX_IDC:EURUSD TVC:SPX