27.05 - EUR/USD resumes the downside and recedes to 1.0960.
- by George Solotarov
The single currency came under selling pressure on Wednesday and is now forcing EUR/USD to retreat to the 1.0960 regions. Following another unsuccessful attempt to surpass the psychological 1.10 mark on Monday, EUR/USD is now facing another bout of selling pressure and trades in the 1.0960/70 band.
In fact, the recovery in the greenback has undermined the march north in the pair and the rest of the risk-associated assets, motivating the ongoing knee-jerk in this universe earlier on Wednesday.
It is worth recalling that news regarding a potential coronavirus vaccine by biotech Novavax sustained Tuesday’s move up in the spot, also supported by the relentless progress of the re-opening of economies in the Old Continent.