EUR/USD to extend gains towards 1.2100


The EUR/USD pair recovered its long-term bullish stance reached 1.1945 this week, a fresh 2-month high, retaining most of its gains heading into the weekend. According to FXStreet’s Chief Analyst Valeria Bednarik, the world’s most popular currency pair is poised to challenge 1.2000.

Key quotes

“The coronavirus pandemic is out of control in all US states but Hawaii. Hospitalizations in the country have been hitting records for seventeen days in-a-row, currently at 90K. As of Friday, the country has a sad record of having reported roughly 270K deaths. Things are just a bit better in Europe although the Continent reported 225,308 new cases and 5,276 deaths on Thursday. France is slowly moving into easing restrictions while German Chancellor Angela Merkel said that some measures would remain ‘for the foreseeable future,’ as the country reached its highest daily death rate since the pandemic began.”

“December’s first week will bring the preliminary estimates of the EU and Germany inflation data and the official US November ISM PMIs, which usually trigger relevant movements. Germany and the EU will unveil October Retail Sales figures, while on Friday, the US will release the Nonfarm Payroll monthly report. The country is expected to have added 520K new job positions in November, while the unemployment rate is expected at 6.8%.”

“1.1960 is the only resistance level in the way towards the year high at 1.2011. Beyond this last, the pair could go near the 1.2100 figure before finally giving up. Supports, on the other hand, come at 1.1880 and 1.1790. Losses below this level seem quite unlikely in the current fundamental scenario.”

 

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