EUR/USD Summaries 27 November 2021

EUR/USD: The euro rose against dollar on Friday after the discovery of a new, potentially vaccine-resistant coronavirus variant saw investors dump riskier assets like dollar. The market swings come against a backdrop of already growing concern about COVID-19 outbreaks driving restrictions on movement and activity in Europe and beyond.

European countries have expanded COVID-19 booster vaccinations and tightened curbs. Slovakia announced a two-week lockdown, the Czech government will shut bars early and Germany crossed the threshold of 100,000 COVID-19-related deaths.

The euro rose 1.01% to $1.1315. Immediate resistance can be seen at 1.1304(11DMA), an upside break can trigger rise towards 1.1322 (50%fib).On the downside, immediate support is seen at 1.1261(38.2 % fib), a break below could take the pair towards 1.1190(23.6%fib).