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Main » 2020 » February » 28 » Fundamental analysis and forecast of EUR/USD 28.02.2020: Euro is testing the 1.10 mark
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Fundamental analysis and forecast of EUR/USD 28.02.2020: Euro is testing the 1.10 mark

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On Friday, the EUR / USD currency pair is still trading in the green zone. On the eve of a driver for a sufficiently strong price growth were the two main factors.

 

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The first - the message of the German edition of the Handelsblatt, that the German government is considering the implementation of the program of incentives in the case if the economy was severely affected by coronavirus. The news supported the European currency.


The second - the message of the Center for Disease Control and Prevention (CDC) that the United States was the first recorded case of transmission of coronavirus from person to person within the country. This news has seriously weakened the position of the US currency and spawned rumors that the next meeting of the Federal Reserve may cut interest rates by 25 bps For now the probability of such an outcome of events According to CME Group is estimated at 72%, compared with 9% the previous week

 

 

Today, these factors continue to influence trading. Later in Germany to be published data on the labor market, which could have a moderate impact on trading. The US economic calendar today is worth paying attention to data on personal consumption expenditures.  


On EURUSD chart bovine predominate signals. Now graph the pair is testing the resistance at 1.1005. While we do not see strong price rollback from this level, so as a priority considering the scenario with the breakdown of the mark and the growth of quotations in the direction of the level of 1.1060.

 

Resistance Levels EURUSD: 1.1005, 1.1060, 1.1110.

EURUSD support levels: 1.0965, 1.0935, 1.0860.

The main scenario - securing EURUSD above 1.1005 and rising to 1.1060.

The alternative scenario - a false breakdown level 1.1005 and EURUSD decline to 1.0965 and 1.0935.


Fundamental background - moderately positive. We recommend staying out of the market.

 

Analytics pair EUR \ USD  FORTFS

 

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