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Euro Forecast: EUR/USD Plunges Below 1.08 as EU Summit Flops

Euro Forecast: EUR/USD Plunges Below 1.08 as EU Summit Flops

Rich Dvorak, Analyst

EURO FORECAST: EUR/USD PRICE SINKS BELOW 1.08, EU LEADERS FAIL TO REACH CORONAVIRUS STIMULUS AGREEMENT

  • EUR/USD price action spikes lower as the Euro comes under heightened selling pressure
  • European leaders fail to agree on coronavirus stimulus measures despite Eurozone GDP facing a 5-10% contraction
  • Spot EUR/USD breaches the 1.0800 price level and could head for fresh year-to-date lows as risk aversion bolsters the US Dollar

The Euro is driving lower as Thursday’s trading session starts to wind down. Euro selling pressure appears sparked by news that European leaders failed to agree on much needed coronavirus stimulus measures aimed at offsetting economic turmoil caused by the pandemic.

EUR/USD PRICE CHART: 5-MINUTE TIME FRAME (23 APRIL 2020 INTRADAY)

EURUSD Price Chart Euro Forecast EU Summit Coronavirus Stimulus

EUR/USD plunged back below the 1.0800 handle after the troubling headlines crossed the wires, but spot prices have held above prior session lows around the 1.0760 mark so far. That said, EUR/USD price action and the broader Euro might be due for more weakness as focus shifts back onto the European Central Bank.

The ECB is set to provide markets with its latest monetary policy update next week, and its hand could be forced to ramp up its own stimulus efforts following the lack of measures from EU governments. This could, in turn, steer spot EUR/USD lower, perhaps toward fresh year-to-date lows near the 1.0600 price level.

Read More – Euro Volatility Likely on EU Leaders Summit, Markit PMI Data

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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