The EUR/USD pair on November 5, 2020

EUR/USD targets over 1.18500 The results of the elections in America are not over yet. Votes are being counted in several other American states. As it can be seen that Biden may be the next president, the dollar is losing strength. This election agony will not end in the next few days because Trump wants to challenge some disputed American states’ results.

During that time, the euro overcame the dollar, and at the level of 1.16000, it went up to 1.18700, where there is a resistance zone. The number of coronavirus cases in Europe is still on the rise in almost all countries. The central states of the European Union, Germany, France, Spain, and Italy, are in lockdown to reduce people’s contacts.

EUR/USD, The EUR/USD pair on November 5, 2020

EUR/USD, The EUR/USD pair on November 5, 2020

Germany is closed for the next month. In Italy, which is expected to adopt the new measure by Wednesday and take effect by December 3, it will also restrict travel between the worst-hit regions, which will require the closure of bars, pubs, restaurants, and most shops.

The eurozone economy shrank by 11.8% in the second quarter. Still, it expanded significantly better than expected by 12.7% in July and September after many locking restrictions were eased, official data on Friday showed.

Yet, growing coronavirus cases pose a serious threat to the recovery of the Union. We have more negative news from Europe, Retail Sales measure, according to the forecasts, a weaker report is expected.

In addition to the US elections, which will not end today, we have news from the Federal Open Market Committee (FOMC) that will decide tonight on the interest rate, which in any case remains at the same level of 0.25%, after which we must pay attention to statements made by Fed officials.

On the next steps to help the economy reduce the impact of the coronavirus.

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