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Janet Yellen’s Speech Revitalized Risk Appetite – EUR/USD Market Outlook – 20/01/2021

SquaredFinancial

The Euro rises above 1.2130 as expected, after risk-on sentiment weighed on the safe-haven US Dollar. The US Treasury Secretary nominee Janet Yellen urged lawmakers not to worry with higher debt burden and to “act big” in the fiscal relief department, to avoid a prolonged downturn in equities. Yellen’s comments put a bid under the US stocks, lifting major indices higher along with the single currency. If price breaks above the 200-SMA, then 1.2220 will be our next target.

Support: 1.2130 / 1.2065
Resistance: 1.2175 / 1.2220

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/janet-yellens-speech-revitalized-risk-appetite-eur-usd-market-outlook-20-01-2021
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