EUR/USD bulls take on the 78.6% Fibo ratio ahead of Powell By ross_burland EURUSD DollarIndex Fed Currencies Ukraine
A close on a daily basis above the 61.8% ratio could be positive for the euro for the meanwhile. by some 1.13% at the time of writing after rallying on broard risk-on from 1.0428 to a high of 1.0555. The euro has extended the rebound from a five-year low touched last week while the US dollar is down against its major trading partners.
The euro has also benefitted from an improved risk sentiment in markets this week that has weighed on the US dollar. Hopes that China might ease two key sets of restrictions had set a positive mood. Additionally, Shanghai achieved the long-awaited milestone of three straight days with no new COVID-19 cases outside quarantine zones, which could lead to the beginning of lifting the city's harsh lockdown as soon as June 1.
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