EUR/USD, EUR/GBP and EUR/JPY rally on hopes of German €500 billion stimulus package
EUR/USD, EUR/GBP and EUR/JPY rally on hopes of German €500 billion stimulus package which the coalition partners want to pass in the current parliament.
EUR/USD rallies strongly
EUR/USD's break through its major $1.0461-to-$1.0533 resistance area is medium-term bullish and has the 200-day simple moving average (SMA) at $1.0721 in its sights.
The euro is bid since Germany's conservative CDU/CSU and the Social Democrats (SPD) agreed to establish a €500 billion infrastructure fund and amend borrowing rules to boost defence spending and stimulate economic growth.
Support can be found in the $1.0533-to-$1.0515 support area.
EUR/GBP recovers from 3-month low
EUR/GBP rallies from its February £0.8243 low towards the 55-day SMA at £0.8330.
Potential slips may find support around the early February low at £0.8292.
EUR/JPY rallies from near 7-month low
EUR/JPY is rallying from its near 7-month late February ¥154.80 low towards the 55-day SMA at ¥160.55.
Minor support can be found along the breached February-to-March tentative downtrend line at ¥158.22.
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