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Declining EUR/USD: What’s the Pivot Point?
Abstract：The euro has been in a declining trend recently, falling against US dollar for 8 consecutive trading days since January 31st , 2020. Technically, the euro may be slightly oversold, and 1.0880 is a key support level for EUR/USD.
The European Central Bank‘s Chair Lagarde pointed out that the longer ECB’s easing policies last, the higher the risks for the side effects of these measures to show. When the interest rate remains low, fiscal policies will be effective as it can boost economic momentum of the Eurozone, which in turn weigh on consumer index and eventually drive up the interest rate. In addition, it seems that inflation in the Eurozone wont see much significant changes in the short term. She thus calls on the government to take more actions in order to prop up economy.
EUR/USD daily pivot points: 1.0908—1.0914
S1: 1.0897 R1: 1.0931
S2: 1.0877 R2: 1.0945
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