Market sentiment remains positive amid the news about progress in the development of the coronavirus vaccine. The euro advanced due to a gradual relaxation of lockdown measures in some European countries. Traders are also pricing in the ECB’s meeting minutes. Last Thursday, the ECB’s members expressed different views on changes in the monetary policy. It means that during their December meeting, the key interest rate could remain unchanged. Tomorrow, the eurozone will publish its inflation data. The report may also influence the regulator’s decision. Thanks to the inertial movement, the euro/dollar pair managed to reach the level of 1.1980. The main resistance level is located at 1.2000. That is why traders may start closing buy positions because of a risk of a rebound. According to the alternative scenario, the price may consolidate above 1.2000 on a daily chart. In this case, the pair will have all chances to continue gaining in value. At the same time, investors are showing small interest in the pound sterling. The fact is that they are focused on the Brexit issue. On Sunday, Britain's Foreign Secretary Dominic Raab said that the following week would be very significant for Brexit. The negotiations are down to their final two basic issues. However, the parties are still some way apart on these issues. Last week, the pound/dollar pair was trading sideways between the levels of 1.3300 and 1.3400. Notably, when the price was approaching one of the limits, traders began closing their positions. This led to a reverse. At the moment, we can see that the pair bounced from the level of 1.3300 towards 1.3350. If the price consolidates above 1.3350, it may start moving towards the upper limit of the range of 1.3400. According to the alternative scenario, the pair may fluctuate within the levels of 1.3300/1.3350.
FX.co ★ 30.11.2020: EUR approaches 3-month high. May it jump higher? Outlook for EUR/USD, GBP/USD.
30.11.2020: EUR approaches 3-month high. May it jump higher? Outlook for EUR/USD, GBP/USD.
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