Uncertainty is Strengthening Safe-Haven Currencies
After witnessing the euro depreciating against the dollar for about 2 years, the negative interest rates in the eurozone and the deepening of the global economic slowdown due to the intensifying Covid-19, have made the eurozone an attractive safe-haven currency against the dollar. Apart from the macro-trend, technical analysis have shown that the euro has broke above the long term MA as well as its major trendline. Hence, indicating a potential reversal from its depreciation. For now, we would expect a retest of the support at 1.11900 before prices rising up to potential levels of 1.13900 and 1.15300.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.