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Euro Latest: EUR/USD Well Placed to Hit 1.20 Level

Euro Latest: EUR/USD Well Placed to Hit 1.20 Level

Martin Essex, MSTA, Analyst

EUR price, news and analysis:

  • A meeting between German Chancellor Angela Merkel and regional governors Wednesday resulted in only a minor tightening of rules around gatherings and left all shops open.
  • That is positive for EUR/USD, which is now well placed to hit “round number” resistance at 1.20 and the September 1 high at 1.2011.
  • German and French consumer confidence data released Thursday came in below expectations but that has done nothing to hold the Euro back.

EUR/USD outlook positive

EUR/USD continues to trend higher, with “round number” resistance at 1.20 and the September 1 high at 1.2011 reasonable near-term targets for the pair.

EUR/USD Price Chart, One-Hour Timeframe (November 2-26, 2020)

Latest EUR/USD price chart.

Source: IG (You can click on it for a larger image)

There was positive news late Wednesday for the Euro as German Chancellor Angela Merkel agreed with the leaders of Germany’s 16 Federal states to extend and tighten measures against coronavirus until at leastDecember 20 but to leave the country’s shops and schools open.

Moreover, there was little reaction early Thursday to news that both German and French consumer confidence fell short of economists’ forecasts.

German and French consumer confidence.

Source: DailyFX

EUR/USD should also be helped near-term by the current move out of the safe-haven US Dollar into assets perceived as more risky on hopes that coronavirus vaccines and US economic stimulus will help the global economy to recover from the slump caused by the spread of Covid-19.

However, trading Thursday will likely be thin as US markets are closed for the Thanksgiving holiday.

We look at currencies regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

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