19 March 2021, EUR/USD
EURUSD trading plan:
The rebound in global demand and additional fiscal measures are supporting global and euro area activity. At the same time, persistently high coronavirus infection rates, the spread of virus mutations, and the associated extension and tightening of containment measures continue to have a negative impact on euro area economic activity. As a result, real gross domestic product is likely to contract again in the first quarter of the year after declining by 0.7 per cent in the fourth quarter of 2020. The ongoing vaccination campaigns, together with the gradual relaxation of containment measures underpin expectation of a firm rebound in economic activity in the second half of 2021. This assessment is also reflected in the March 2021 ECB staff macroeconomic projections for the euro area, which foresee annual real GDP growth at 4.0 per cent in 2021, 4.1 per cent in 2022.
Investment idea: buy 1.1910 and take profit 1.1994.
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