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EURUSD: price action hovers near key support level

The EURUSD pair trended lower on Tuesday, October 27. The euro dipped 0.11% to 1.1795. The single currency opened to the downside in European trading due to a spike in the number of daily Covid-19 infections. Buyers bounced off 1.1796 and even retraced to the intraday high of 1.1839. But this mark is where the gains fizzled out. By the close, the single currency dropped to 1.1793 amid fears of new lockdowns in a number of European countries.

The euro fell to 1.1770 in Asian trading on Wednesday.

Todays macro agenda (GMT+3)

17:00 Canada: BoC interest rate

17:30 US: EIA weekly petroleum inventory status report

18:00 Canada: BoC press conference

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Current outlook

The price action has slipped from the balance line to 1.1770. The euro tumbled amid media reports that the German government is mulling a two-week nationwide ‘lockdown light’ with plans to close everything except basic shops/services, kindergartens and schools. Merkel is expected to meet with regional leaders and announce the lockdown.

Today French President Emmanuel Macron will address the nation and will also announce a lockdown. The UK is also lobbying for a new lockdown.

At the time of writing, EURUSD was trading at 1.1771. The European currency is hovering close to the trendline starting from the 1.1689 low. A number of support levels are located in the range of 1.1758-1.1764. Despite record numbers of Covid-19 cases, EURUSD is expected to recover to 1.1810, where market participants will await the ECB's decision and Christine Lagarde's press conference.

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