EUR/USD sees critical support at 1.1970

The EUR/USD pair is under mild pressure, trading in the 1.2030 price zone. Critical support is seen at 1.1970, ValeriaBednarik, Chief Analyst at FXStreet, reports.

Key quotes

“The positive mood which leans the scale in dollar’s favor, is linked to hopes for a US stimulus package and persistent confidence about a possible positive outcome in the ongoing battle against the coronavirus pandemic.”

“The pair retreated from near the 38.2% retracement of its November/January rally at 1.2070, but holds above the 1.2000 level. The 50% retracement provides support at around 1.1970.”