Markets' lean season has lasted two full years and while those are not yet over, flush times are looking more and more likely for this 2020. EUR/USD news: The beginning of the end of the trade war? Ever since hitting 1.2537 in January 2018, the EUR/USD pair has been on a selling spiral that set a multi-year low of 1.0878 just two months ago. The level can hardly be considered an interim bottom when just considering the following price’s recovery, but the focus this time shouldn’t be put on technical readings, but in politics.
EUR/USD turns below 1.10 as market mood eases
EUR/USD has dropped below 1.10 as the market mood improves. Earlier, it hit three-week highs as the stock market crash and rush into bonds is raising the chances of the US Fed cutting rates. Further coronavirus headlines are awaited.
Latest EURUSD News
From the technical perspective, the tide looks to have turned in favor of the EUR bulls. The pair jumped over 1% on Thursday, forming a bullish marubozu candle and invalidating the trendline sloping down from Dec. 31 and Feb. 3 highs. On the downside, Thursday's low of 1.0876 is the level to beat for the sellers.
Today last price 1.0987
Today Daily Change -0.0006
Today Daily Change % -0.05
Today daily open 1.0993
Daily SMA20 1.091
Daily SMA50 1.1031
Daily SMA100 1.1056
Daily SMA200 1.11
Markets may continue to price in the possibility of aggressive easing as the coronavirus-led sell-off in the US and global equity markets are showing no signs of exhaustion. Currently, the futures on the Dow Jones Industrial Average are reporting a 0.30% drop. The index fell by nearly 2,000 points on Thursday, confirming its worst four-day losing run since the 2008 financial crisis.
The dollar, therefore, may remain on the offer, while heading into the weekly close. On the data front, German jobs data and preliminary Consumer Price Index for February are scheduled for release. Across the pond, the US will report Personal Spending figure for January.
The dollar may find bids if the equity market sell-off stalls and the spending figure betters estimates.