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EUR/USD: Trump to drive the pair

Markets are recovering but are awaiting President Trump's stimulus measures as the EUR/USD American session's four-hour chart is pointing to further gains, Yohay Elam from FXStreet reports.

Key quotes

“It's Donald's Draghi moment – If President Trump announces broad stimulus measures to counter the coronavirus carnage, markets could rally and EUR/USD has room to fall to 1.13. If his message falls flat, it would push yields and the dollar lower.”

“The White House's press conference is scheduled for 21:30 GMT, but Trump may speak earlier or conversely provide the press with details of the plan.” 

“The next move depends on the president, not on additional virus headlines such as the number of infections, deaths, or other developments in Europe.”

“EUR/USD is trading above the 50, 100, and 200 Simple Moving Averages on the four-hour chart, a bullish sign, while the Relative Strength is below 70 – outside overbought conditions.”

“Resistance awaits at 1.1410, followed by 1.1495 while support awaits at 1.1330.”

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