The weakening greenback & soaring U.S bond yields turned out to be supportive for other basket of currencies; especially the single currency, EURO. The worsening Covid-19 situation across the globe which may affect the pace of economic recovery eases down the USD; contributes to bullishness in EUR/USD. Also, the fear looms over rising inflation & the continuation of adopting accommodative monetary policy by the U.S Fed led the currencies higher. On regional terms, the European Central Bank (ECB) left an interest rate steady as expected but hinted QE tapering once Euro-zone achieves targeted growth rate post-Covid-19 aftermath. This slightly tanked down the EUR/USD; how-so-ever that remained short-lived & resumed an upside. The better than expected Euro-zone PMI figures show an improvement in manufacturing & industrial activities as compared to last week amid progressive supply of Covid-19 vaccine doses in the country further adds upside in EUR/USD. As seen in the chart, the pair strongly crossed down the bearish trend-line forming higher tops & higher bottoms. This indicates further upward momentum & hence, buying on corrective dips may be recommended with the next possible target of 1.21700 levels on a short to medium-term basis.Read More… Read Less
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