EURUSD stays offered ahead of Biden’s infrastructure spending

FX:EURUSD   Euro / U.S. Dollar
With the bond rout at its peak since early 2020, EURUSD drops to the lowest in five months as traders await US President Joe Biden’s infrastructure bill details. However, a sustained downside break of a three-month-old falling trend line favors the pair bears. As a result, a horizontal area established from September 25, 2020, around 1.1610-1600, gains market attention. Following that, a 50% Fibonacci retracement level of 1.1530 and June 2020 peak surrounding 1.1420 should lure the EURUSD sellers.

It should, however, be noted that Biden’s ability to please investors can trigger the much-awaited corrective pullback beyond the support-turned-resistance near 1.1740. Even so, EURUSD bulls are less likely to get convinced until the quote rallies beyond the 200-day SMA level of 1.1865. Overall, EURUSD has some room to the south but the key event may disappoint the bears and hence traders should be cautious ahead of the 20:20 GMT speech.


Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out