EUR/USD: Bulls at the mercy of USD price dynamics

EUR/USD’s positive momentum faltered ahead of the 1.0900 mark, albeit the pullback seemed limited. The US Senators agreed over a massive fiscal stimulus package and helped regain traction, FXStreet’s analyst Haresh Menghani reports.

Key quotes

“The Fed's unprecedented QE program prompted some aggressive USD long-unwinding trade and turned out to be one of the key factors that provided a goodish lift to the major.”

“EUR/USD managed to regain some positive traction during the Asian session after the US Senate finally reached an agreement on a stimulus package. The news did little to provide any meaningful boost to the greenback but remained supportive of improving global risk sentiment.” 

“Market participants now look forward to the release of the final German IFO Business Climate Index for some impetus.”

“The US Durable Goods Orders data for February might influence the USD price dynamics and further contribute towards producing some meaningful trading opportunities.”