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EURUSD TECHNICAL ANALYSIS TODAYFOREX FORECAST - ANALYSISFOREX MARKET NEWS

 APR 26, 2021

• 70% of adults in Europe will be vaccinated by the end of July
• Business activities picked up pace in March

Chart 1: EUR/USD D1 chart

President of the European Commission Ursula von der Leyen struck a note of optimism last Friday when she announced that there will be sufficient doses of vaccines to immunise 70% of adults by the end of July. Furthermore, the European Union (EU) will be finalizing on a contract with pharmaceutical company Pfizer for an additional 1.8 billion doses of vaccines in 2022 and 2023. The announcement led to the strengthening of EUR/USD during the final hours of the market session.

The series of eurozone PMI data released last Friday showed that business activities in the manufacturing sector continued to expand at a faster pace while the services sector rebounded from the previous contractionary level. Currently, EUR/USD is testing to break above the 1.21 handle. Look for buying opportunities if it breaks above that level.

Trade Setup for EUR/USD (D1)

Buy Stop Order at 1.21300