Euro hits 32-month high

4:10 PM December 1, 2020
EURUSD - the pair managed to break above the 1.2000 level and is trading at the highest level since April 2018. This is mainly due to the weakness of the US dollar. The weak dollar goes hand in hand with the testimonies of the treasury secretary Mnuchin,  and FED Chair Powell. Powell points out that more fiscal action is needed. He emphasizes that he still intends to provide a lot of support for the economy. This is only a confirmation that US monetary policy will be ultra-loose for a long time. It is also worth mentioning that euro is strongly overbought by speculators. As one can see, these investors have no reason to complain at the moment.
EURUSD - pair continues to rise, breaking from the upward channel. Support is located between 1.1920 and 1.1960 levels. Source: xStation5

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