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Old 10-02-2021, 08:48
MikhailLF MikhailLF is offline
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Join Date: Sep 2017
Posts: 795
Default Re: Forex News Analysis by LiteForex

EUR/USD: local trend reversal

Current trend

The EUR/USD pair is correcting upward, trading around the level of 1.2125. EUR is trading neutral against other major competitors but is significantly strengthening against USD.

The main topic of discussion in Europe remains the consequences of the COVID-19 pandemic. Yesterday, the Austrian authorities said that a large outbreak of the South African strain of the virus was recorded in the Tyrol region. 400 cases of the suspected virus have been reported, of which 293 have been confirmed. Due to a sharp increase in the number of new cases, the Greek authorities have decided to close schools and non-grocery stores for at least 2 weeks. The number of new cases in the country in the past day alone amounted to 1526.

USD Index continues to decline, trading at 90.300. Yesterday, the US Senate decided that the impeachment procedure of former President Donald Trump is not contrary to the constitution. 56 senators voted for this, and 44 against. However, to recognize the impeachment itself, at least 67 votes of members of the Senate are required.

Support and resistance

Locally, the price has broken the resistance line of the local downtrend and consolidated above it. Technical indicators gave a buy signal. Fast EMAs on the Alligator indicator crossed the signal one upwards, and the AO oscillator histogram moved into the positive zone.

Resistance levels: 1.2173, 1.2340.
Support levels: 1.2062, 1.1958.

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