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EUR/USD challenges resistance zone as President Trump signs stimulus

EUR/USD is greater bid and tough vital resistance quarter on Monday, with the safe-haven dollar nursing across-the-board losses on President Trump’s choice to sign the much-needed coronavirus relief package.

The overseas cash pair is nowadays shopping for and promoting shut to 1.2215, representing a nearly 0.30% reap on the day. The upside was once as soon as capped in the place of 1.2215-1.2221 in the previous two shopping for and promoting days.

Trump signed a $2.3 trillion bundle late Sunday, combining Covid-19 alleviation with authorities funding, restoring increased unemployment assist that expired Sunday, and authorizing $600 in direct repayments to Americans.

Trump had damaging the package deal deal closing week, demanding giant alleviation assessments and scaled-back spending. His shocking alternate of coronary coronary heart appears to have caught markets off guard and seems to be drawing affords for the greenback. The Brexit deal reached last week has moreover cleared the way for a persevered rally in EUR/USD.

It stays to be considered if the pair can set up a foothold above 1.22, having failed to do so in the previous two shopping for and promoting days. The data calendar is moderate on Monday, and erratic strikes must be considered due to holiday-thinned trading.

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