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The EUR/USD pair flirts with the 1.1900 figure as speculative interest is in an upbeat mood but the optimism fueled by the pharmaceutical giant Pfizer, which reported an over 90% effectiveness in its COVID-19 vaccine, is not enough to push the shared currency higher, FXStreet’s Chief Analyst Valeria Bednarik reports. 

Key quotes

“The optimism got boosted by news from Pfizer, as the pharmaceutical reported that its COVID-19 vaccine has over 90% effectiveness in preventing the disease. The dollar is up particularly against safe-haven rivals, while it trades unevenly against the so-called high-yielding currencies. EUR bulls seem unwilling to push the pair beyond the 1.1900 threshold.”

“The 4-hour chart shows that the EUR/USD pair keeps developing above all of its moving averages, with the 20 SMA advancing beyond the larger ones. Technical indicators have limited directional strength but hold well above their midlines.”

“The pair will likely maintain the current neutral tone, with spikes beyond 1.1900, probably being short-lived. The dollar may firm up during US trading hours, with a break below 1.1860 opening the door for a steeper decline.”