11.09 - EUR/USD trades with decent gains around 1.1840
- by George Solotarov
EUR/USD keeps the multi-day recovery well and sounds above the key barrier at 1.1800 the figure at the end of the week. EUR/USD is up for the third consecutive session on Friday, extending the rebound from lows in the 1.1750 region recorded earlier in the week. The pair managed to briefly surpass the key 1.19 barrier following the unexpected upbeat message from the ECB at its Thursday’s event, although the move up lacked follow through and motivated spot to return and close the session in the 1.1810/15 band.
Looking at the broader picture, the bearish view on the dollar continues to sustain the underlying constructive bias in the pair, all accompanied by the improved sentiment in the risk-associated universe, auspicious results from domestic fundamentals - which have been in turn supporting further the view of a strong economic recovery following the coronavirus crisis – as well as a calmer US-China trade front. The solid positive stance in the speculative community also underpins the constructive outlook in the euro, while the recent tone from the ECB keeps the downside pressure somewhat limited.