- The EUR / USD is trading at 1.2215 compared to 1.2179 in early Asia.
- President Trump signs the coronavirus package and sends the dollar down.
- EUR bulls must be set above 1.22.
The EUR / USD is a better bid and challenges the critical resistance zone on Monday, with widespread nursing losses in refugee dollars in President Trump’s decision to sign the much-needed coronavirus relief package.
Currently, the currency pair is trading near 1.2215, which represents a gain of 0.30% on the day. The positive was limited to the 1.2215-1.2221 area the two days prior to trading.
Trump signed a $ 2.3 trillion package on Sunday afternoon, combining Covid-19 aid with government funding, restoring improved unemployment benefits that expired Sunday and authorized $ 600 in direct payments to Americans.
Trump had opposed the package last week, demanding greater relief checks and reduced spending. His sudden change of heart seems to have taken the markets by surprise and he seems to be offering deals for the green dollar. The Brexit agreement reached last week has also paved the way for a continuation of the concentration in EUR / USD.
It remains to be seen whether the pair can set a position point above 1.22, having failed to do so in the two days prior to trading. On Monday the data calendar is light and erratic movements could be seen due to the reduced holiday trade.