EUR/USD. March 27, 2020 – Correction to the average
The currency pair EUR/USD dollar at yesterday's auction rose by more than 1,500 points, closing at 1.1025.
The price of EUR/USD reached a key resistance level of 1.1000, located at the convergence of the lines of exponential moving averages for 21 and 60 days - EMA 21 and EMA 60.
Strong growth of the pair was promoted by the report on unemployment in the USA published yesterday, which had a strong negative impact on the dollar against all major world currencies. At the same time, Fed Chairman Jerome Powell managed to calm the markets and US stock indices, including the industrial Dow Jones showed daily growth.
Despite the strong influence of fundamental factors, in the medium term I still expect the correction to complete and the downward trend to continue, as the European economy also suffers large losses, and investors traditionally prefer to hide from risks in the dollar.