In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we take a close look at the euro pushing higher thanks to Merkel and Macron.
Overall, this was the big news for the day. A €500 Billion European recovery fund has been announced. Currently, it is being sought for approval from the other 27 European nations. With the way this package has been structured, it gets around the issues of a coronabond type debt package which the German Constitutional Courts had concerns about.
This caused the euro to rally. Consequently, we expect this rally to continue in today’s market. However, this is assuming the package will not be completely shot down by any of the 27 European countries before it gets off the ground. From a technical perspective, if prices break above yesterday’s high of 1.0925, we would expect this market continue up to the 1.10 level to begin with.
Euro Pushing Higher Thanks to Merkel and Macron – Full Video Analysis
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