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Euro Continues Rally on USD Woes

M. Ali 27 July, 2020 9:45 pm Forex Market, Market Update

The Euro rose against the US Dollar on Monday, nearing a two-year high, with the US continuing to register an increasing number of COVID-19 cases.

The market anticipates a second stimulus package that could be soon approved by Congress, as well as the upcoming Federal Reserve meeting this week.

Meanwhile, the EUR was supported by a decline in France’s unemployment and the German business climate index beating estimates.

The EUR/USD is trading at 1.1753, up by 0.83% for the day, moving during the day between 1.16410 and ‪1.17815.

Support Levels: 1.1605 – 1.1554 – 1.1528

Resistance Levels: 1.1682 – 1.1708 – 1.1759

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