Friday’s sour market sentiment pushed the Euro lower amid record new cases in the US, which reported roughly 70,000 new contagions in a day for three days in-a-row. However, sentiment changed 180 degrees after Gilead reported that its drug, remdesivir, can reduce the risk of mortality in COVID-19 patients by 62% when compared with the standard of care. Today, the US Dollar will likely remain under pressure as equity futures gaped up on Monday morning indicating the risk-on mood will probably resume. The bulls will attempt to break above the 1.1350 resistance level, if successful then 1.1420 will be their next ultimate target.
Support: 1.13 / 1.1260
Resistance: 1.1350 / 1.1420
