A 750 billion euro stimulus package

The European Commission has proposed a 750 billion euro stimulus package to support its member states, called «Next Generation EU». It still has to be accepted. Later today, the Eurozone's Economic Confidence Index for May will be released, expected at 70.6.

From a technical point of view, on an intraday chart, EUR/USD is supported by a rising trend line and by its 50-period moving average (in blue). Readers may therefore consider the potential for further advance above support at 1.0990. The nearest threshold would be set at this morning’s top at 1.1035 and a second one would be set at set at horizontal resistance at 1.1055 in extension.
Market chart tracking the EURO vs the US Dollar showing a positive trend. Published in May 2020 by FOREX.com
Source: TradingView, GAIN Capital


Related tags: EUR Forex Europe

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