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EUR/USD Maintains Some Momentum

M. Ali 22 July, 2020 11:25 pm Forex Market, Market Update

The Euro rose on Wednesday to its highest level since October 2018 against the US Dollar, maintaining the momentum it gathered from the European Union’s agreement on a COVID-19 recovery fund, especially as demand for safe havens increased.

After rising by 0.5% earlier, the EUR/USD is currently trading at 1.15696, up by 0.32% for the day.

This also comes as the USD is showing a mostly poor performance across the board.

The dollar index (DXY) is down by 0.15% just below 95.00.

In addition, the European currency was supported by the stock market strong gains.

Some analysts are now expecting the Euro to exceed the $1.2 mark by the end of 2020.

Support Levels: 1.1450 – 1.1378 – 1.1333

Resistance Levels: 1.1567 – 1.1612 – 1.1684

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