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Laraforex Technical Analysis

Laraforex

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EURUSD NUDGES MILDLY HIGHER, MARKET PARTICIPANTS AWAIT GERMAN PPI DATA
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EURUSD extends its gains in early Asian hours on Tuesday, although the 1.18 handle is turning out to be a crucial resistance for the pair. The currency pair has managed to stay afloat despite the risk-off sentiments prevailing in the market on concerns whether US lawmakers will be able to sketch out a coronavirus relief package.

As of now, EURUSD is trading flat to positive at 1.1776 level, up by 0.07%.

Meanwhile, investor sentiments remain dampened owing to the record surge in the daily coronavirus cases across Europe, thus limiting gains in the pair. The lockdown measures and strict social distancing norms adopted by the Union are shattering the hopes of a quick economic recovery.

Coming on to the previous session, the pair touched an intraday high of 1.1793 level in response to the positive risk sentiments bolstered the speculations over the new US fiscal stimulus package. Although, Later in the session, the House speaker Nancy Pelosi gave a 48-hour deadline to reach a deal which raised uncertainty over the Stimulus package. Subsequently, the pair reverted from the day’s high and settled the day at 1.1769 level, up by 0.48%.

Moving ahead, investors can take cues from the German PPI data, Current Account reports that can induce volatility in the pair. Later in the day, the US will publish the Building permits data and Housing Starts reports.

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