EU Commission to mobilize EUR750 billion for the coronavirus recovery fund – DPA

Dhwani Mehta FXStreet

Ahead of the European Union (EU) Summit aimed to unveil a post-COVID-19 recovery plan, the Deutsche Presse-Agentur GmbH (DPA) came out with headlines, reporting that the EU Commission is likely to mobilize EUR750 billion for the fund.

The German media outlet added that the proposal contains EUR500 billion grants and EUR250 billion loans.

Market reaction

The above report rescued the EUR bulls, as EUR/USD swung back higher to conquer the 1.1000 barrier. At the press time, EUR/USD trades 0.20% higher at 1.1000.

In response, the Italian 10-year bond yields tumbled to fresh seven-week lows, with Italy-Germany 10-year yield differentials tightening the most since early April, at around 190 pips.

The risk sentiment got a further boost, as the pan-European benchmark index, the Euro Stoxx 50 rallied 1.70%.

EUR/USD 15-minutes chart

EUR/USD Technical levels to watch

EUR/USD

Overview
Today last price	1.0999
Today Daily Change	0.0015
Today Daily Change %	0.14
Today daily open	1.0982

Trends
Daily SMA20	1.0884
Daily SMA50	1.0879
Daily SMA100	1.0961
Daily SMA200	1.1013

Levels
Previous Daily High	1.0996
Previous Daily Low	1.0892
Previous Weekly High	1.1009
Previous Weekly Low	1.08
Previous Monthly High	1.1039
Previous Monthly Low	1.0727
Daily Fibonacci 38.2%	1.0956
Daily Fibonacci 61.8%	1.0932
Daily Pivot Point S1	1.0918
Daily Pivot Point S2	1.0854
Daily Pivot Point S3	1.0815
Daily Pivot Point R1	1.1021
Daily Pivot Point R2	1.106
Daily Pivot Point R3	1.1124

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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