EUR/USD January 19th, 2021

The euro declined against dollar on Monday as soaring COVID-19 cases offset investor hopes of a quick economic recovery, even after data showing that the Chinese economy rebounded faster-than-expected in the fourth quarter of 2020.

The pick-up in China was a marked contrast to the United States and Europe, where the spread of coronavirus has hit consumer spending, underlined by dismal U.S. retail sales reported on Friday. The euro dipped to a six-week low of $1.2051.  Immediate resistance can be seen at 1.2137 (38.2%fib), an upside break can trigger rise towards 1.2159 (25EMA).On the downside, immediate support is seen at 1.2044 (50%fib), a break below could take the pair towards 1.1961 (61.8% fib).

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