EU Commission to mobilize EUR750 billion for the coronavirus recovery fund – DPA

by

Ahead of the European Union (EU) Summit aimed to unveil a post-COVID-19 recovery plan, the Deutsche Presse-Agentur GmbH (DPA) came out with headlines, reporting that the EU Commission is likely to mobilize EUR750 billion for the fund.

The German media outlet added that the proposal contains EUR500 billion grants and EUR250 billion loans.

Market reaction 

The above report rescued the EUR bulls, as EUR/USD swung back higher to conquer the 1.1000 barrier. At the press time, EUR/USD trades 0.20% higher at 1.1000. 

In response, the Italian 10-year bond yields tumbled to fresh seven-week lows, with Italy-Germany 10-year yield differentials tightening the most since early April.

The risk sentiment got a further boost, as the pan-European benchmark index, the Euro Stoxx 50 rallied 1.70%.

EUR/USD 15-minutes chart

https://editorial.fxstreet.com/miscelaneous/EUR_USD-637261699842768501.png

EUR/USD Technical levels to watch

EUR/USD

Overview
Today last price1.0999
Today Daily Change0.0015
Today Daily Change %0.14
Today daily open1.0982

 

Trends
Daily SMA201.0884
Daily SMA501.0879
Daily SMA1001.0961
Daily SMA2001.1013

 

Levels
Previous Daily High1.0996
Previous Daily Low1.0892
Previous Weekly High1.1009
Previous Weekly Low1.08
Previous Monthly High1.1039
Previous Monthly Low1.0727
Daily Fibonacci 38.2%1.0956
Daily Fibonacci 61.8%1.0932
Daily Pivot Point S11.0918
Daily Pivot Point S21.0854
Daily Pivot Point S31.0815
Daily Pivot Point R11.1021
Daily Pivot Point R21.106
Daily Pivot Point R31.1124