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How to make money with euros today? Trading idea for traders 10/22/2020: What drives the EUR / USD pair?

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The EUR / USD pair during the trading session on Thursday is moderately declining, developing corrective dynamics after the multi-week high reached at 1.1880 the day before. Despite this, market participants are confident that the local weakness of the euro is a temporary phenomenon. Given that the US currency remains under fundamental pressure amid expectations of new fiscal stimulus measures in the US, the EUR / USD pair still retains upside potential above 1.20.

 

AMarkets

 

 

Representatives of the Democrats and the White House confirmed that after the progress made on Tuesday, they will continue to work on agreeing the terms of state aid, rejecting the previous deadline proposed by the Speaker of the House of Representatives Nancy Pelosi. She signaled that, following the talks with Finance Minister Steven Mnuchin, progress has been made that needs to be developed. The parties did not say for sure if they could strike a deal before the presidential election, although White House chief of staff Mark Meadows explained in an interview with CNBC that the administration and Pelosi will try to reach a compromise before the weekend. Meanwhile, Donald Trump has stepped up pressure on the GOP in an effort to approve a larger package.

 

On Thursday, in addition to news regarding the long-awaited stimulus measures in the US, investors expect the publication of data on the dynamics of applications for unemployment benefits in the US for the week. In the event that the statistics disappoint again, the dollar sales may intensify. It should be noted that the pessimistic market expectations regarding the upcoming release on the state of the American labor market are due to a significant deterioration in the epidemiological situation in recent days. Recall that in the United States, the number of detected cases of coronavirus infection COVID-19 has increased by more than 60 thousand over the past day.According to the latest data, in the United States since the beginning of the epidemic, more than 8.2 million people have become ill with coronavirus. Considering the above, the US dollar is more likely to remain among the outsiders, which will have a positive effect on the dynamics of risky assets.

 

EUR / USD BuyLimit 1.1820 TP 1.1950 SL 1.1770

 

Analytical reviews and comments to them reflect the subjective opinion of the authors and are not a recommendation for trading. Author Artem Deev is a trader analyst at AMarkets . Forex social network is not responsible for possible losses in case of using the review materials

 

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