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Euro bulls remain in control despite the new COVID-19 strain fears – EUR/USD Market Outlook – 21/12/2020

SquaredFinancial

The Euro gaped down on Monday morning as the global risk sentiment took a hit amid fears of new COVID-19 variant detection in multiple European countries. This provided a strong lift to the US dollar’s safe-haven status pushing the single currency lower by 100 pips. However, the FDA granting emergency use approval for Moderna’s COVID-19 vaccine over the weekend, will probably cap any further gains on the greenback, as buying the dips around the 50-SMA remains our favorite strategy for now.

Support: 1.2180 / 1.2120
Resistance: 1.2210 / 1.2270

SquaredFinancial Daily Market Outlook


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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/euro-bulls-remain-in-control-despite-the-new-covid-19-strain-fears-eur-usd-market-outlook-21-12-2020
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