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Euro bulls targeting 1.20 – EUR/USD Market Outlook – 26/11/2020

SquaredFinancial

The Euro extends gains above 1.19 after weaker than expected US macro data yesterday. Today, we have the German GfK Consumer Confidence Survey for December which is expected to print at -5. As Germany is facing a second wave of coronavirus and has reimposed economically-painful lockdown restrictions, the data could come in well below expectations which could cap the gains for the single currency in the short-term. However, buying the dips will remain our strategy for now as markets are expecting the ECB to announce additional stimulus in December.

Support: 1.1890 / 1.1850
Resistance: 1.1950/ 1.20

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/euro-bulls-targeting-1-20-eur-usd-market-outlook-26-11-2020
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