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EUR/USD Surges on European Recovery Deal

M. Ali 21 July, 2020 10:15 pm Forex Market, Market Update

The Euro (EUR) achieved huge gains against the US Dollar (USD) on Tuesday, after the historic agreement between the European Union’s (EU) leaders regarding the EUR 750 million COVID-19 recovery fund.

The EUR gains were enhanced by a decline in USD across the board.

The dollar index (DXY), which measures the performance of the dollar against a basket of major currencies, is down by 0.78% at 95.09.

Meanwhile, the EUR/JPY is up by 0.35%, while the EUR/GBP is stable at 0.90390‬, up by 0.03% for the day.

EUR/USD is up by 0.84% for the day, trading at 1.15397.

Support Levels: 1.1411 – 1.1375 – 1.1346

Resistance Levels: 1.1476 – 1.1505 – 1.1541

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