GOLDWELL：Daily Market Recap - EURUSD

The Euro is rallying significantly against the US Dollar on Monday, firmly breaking above the 1.17560 resistance channel just before the start of the US session. The pair is currently up 0.63 percent at the time of writing.

The question is now whether the new tightening of COVID-19 restrictions in several EU nations will be sufficient to avoid another lockdown, which would be a major blow to the recovering economy and harmful to the Euro.

For now, the trend in the EURUSD remains down on the daily chart. The pair will have to cross above the 1.18048 marks to convince this rally is here to stay. Failure to do so may lead to minor fluctuations between the 1.180 and 1.175 handles.

Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.