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Positive signal for the European currency

Positive signal for the European currency | 20 April 2021

20 April 2021, EUR/USD

EURUSD trading plan:

China kept its benchmark lending rate for corporate and household loans steady for the 12th straight month at its April fixing. The one-year loan prime rate was kept at 3.85%. The five-year LPR remained at 4.65%. Most new and outstanding loans in China are based on the one-year LPR. The five-year rate influences the pricing of mortgages. This is a positive signal for the European currency. The Chinese Central Bank provides the market with a significant amount of liquidity, which investors like. An uptrend in the oil market will provide additional support for the euro. Oil is currently trading at a 5-week-high, and we are waiting for the uptrend to continue.

Investment idea: buy 1.2034 and take profit 1.2090.

David Johnson
Analyst of «FreshForex» company
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