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Business Times (Singapore) 05/24/2020 17:50
FROM the onset of 2018, the euro against US dollar (EURUSD) has begun on a steady descend, forming lower highs and lower lows as it makes its approach towards the lows of 2015/16 due to the strengthening of the US dollar across this period. Amid the increased volatility across the currency markets in March 2020, resulting from the escalation of the Covid-19 pandemic, EURUSD broke out to a new high of 1.1495, signalling a potential end of the down trend. However, prices swiftly reversed and formed a new low within a span of two weeks. Since then, prices have been caught within a narrow range, although various indications reveal a likely continuation in the macro down trend.


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