The market continues to welcome vaccine optimism and the easing of the “taper tantrum” amid COVID-19 concerns, causing EURUSD to slowly rise. When today’s EURUSD news was written, the pair was trading at 1.1736. Is this increase only temporary? The answer is no. The increase in this currency pair was indeed caused more by the weakening of the greenback, but the euro also has several factors to continue to improve. The US dollar, which is a safe haven for many investors, came under selling pressure after the US FDA gave full approval to the COVID-19 vaccine from Pfizer / BioNtech. In addition to being able to convince unvaccinated Americans to get vaccinated, this also provided “instructions” for institutions and companies to facilitate the vaccine. Meanwhile, the euro currency benefited from the updated German growth figures for the second quarter. Germany managed to grow by 1.6% from the previously estimated figure of 1.5%. On the other hand, Europe has succeeded in handling the corona virus better than the US, not only being more successful in terms of vaccination but also having fewer cases. While infections in the US continue to rise, infections in the eurozone are more contained as COVID-19 concerns in Germany ease. All fundamentals point to upside potential. The nearest support level will be at 1.1720, which if successfully passed will continue to 1.1690 and then to 1.1660. Meanwhile, the nearest resistance level is at 1.1780, which if successfully passed will continue to 1.1805 and then 1.1825.

 

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