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EURUSD: euro bounces off 112-degree angle

The EURUSD pair traded lower on Monday, January 11, down 0.57% to 1.2150. The US dollar moved higher on the back of rising US Treasury yields and expectations of additional fiscal stimulus. The Democrats are known to be big spenders, so Joe Biden's team will quickly ramp up expenditures.

House Democrats submitted an article of impeachment against President Donald Trump after Republicans blocked a resolution calling on Vice President Mike Pence to invoke the 25th Amendment.

The decline in EURUSD halted at 1.2132, where a correction got under way. During the rebound, the single currency came under pressure from a drop in the EURGBP cross pair.

Today’s macro agenda (GMT+3)

  • 17:30 Fed Bostic speech
  • 19:00 Fed Kaplan speech
  • 20:00 Fed Mester speech
  • 21:00 Fed George speech

Current outlook

The euro dipped to 1.2139 in Asian trading. By the time the European session opened, the price action recovered to 1.2166. The European macro agenda is empty today except for a number of speeches by FOMC members. Given the gains seen by cable and overall sentiment of the major currencies stacked against the US dollar, we expect EURUSD to recover to 1.22. The price action bounced off the 112-degree angle, with support at 1.2140.

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