The EUR/USD It started the day on Wednesday under pressure after the strong setback it experienced yesterday after rising to 1.1838 at the American opening and ending the day at 1.1769.
Today, the pair has hit an intraday high of 1.1788 at the Asian open, and has gradually lost ground, falling to 1.1764, new 8-day low, in the pre-European opening.
Risk aversion dominates the markets due to the strength of the second wave of the coronavirus in Europe, which continues to increase restrictions and confinements in most of the countries of the region. On the other hand, the lack of progress in the agreement to achieve a fiscal stimulus plan in the United States is also giving traction to the dollar.
In the economic calendar on Wednesday there are hardly any relevant data, expected in the US the trade balance of goods for September, the change in EIA oil reserves for the week of October 23 and the speech of Robert Steven Kaplan, president of the Dallas Federal Reserve.
EUR / USD levels
The first support is located at 1.1760, minimum of October 20, followed by 1.1688, ground of October 15. Below awaits 1.1612, the minimum of September 25 and of the last three months.
On the rise, the euro needs to recover above 1.1800 in order to advance towards 1.1838, October 27 high, before continuing towards 1.1865, where the October 23 peak is located.
Credits: Forex Street