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16 Mar 2021

EUR/USD eyes the double bottom at 1.1905

EUR/USD has been attempting to stabilize at lower ground as US yields take a breather. Europe's vaccine issues and US retail sales may trigger a fresh fall with the double bottom at 1.1905 in danger as bears accumulate ammunition, Yohay Elam, an Analyst at FXStreet, reports.

Key quotes

“All of Europe's large countries followed Germany in suspending the rollout of AstraZeneca's COVID-19 vaccines after several cases of blood clots related to the inoculations. For markets, any delay in Europe's vaccinations means a postponement in the economic recovery. That is a key downside driver for the euro.”

“The German ZEW Economic Sentiment is set to show ongoing optimism about a vaccine-led recovery as it has probably been unable to capture the recent developments. The survey was also mostly taken before the weekend's regional elections, which dealt a blow to Chancellor Angela Merkel's center-right party. Political uncertainty may also weigh on the common currency.”

“US Retail Sales figures will be closely watched on Tuesday. The data for February is forecast to show a minor drop after a leap back in January – driven partially by the previous stimulus checks. Nevertheless, the power of the US consumer cannot be underestimated – another upside surprise may come.”

“Euro/dollar bounced off the 1.1905 level twice – creating a double-bottom. Below 1.1905, the next cushion is at 1.1865, followed by 1.1836, which is the 2021 trough.”

“Some resistance awaits at the daily high of 1.1940, followed by 1.1965 and then 1.1990, which worked both as resistance and support so far in March.”

 

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