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EUR/USD testing key support as ECB warns of a “sharp contraction in economic growth”

By: Invezz

EUR/USD is testing the key intraweek support just below the $1.08 handle as the sellers regained control yesterday. The European Central Bank (ECB) has warned that the COVID-19 outbreak and national lockdown measures that followed will cause a “sharp contraction in economic growth”. Fundamental analysis: ECB warns of a bumpy road In its latest Economic Bulletin, the ECB warned that the eurozone economy is likely to shrink “at a speed and magnitude that are unprecedented in peacetime”. Its assessment range from the EU GDP contracting at least 5%, while the worst-case scenario points toward a 12% decline. “The latest economic

The post EUR/USD testing key support as ECB warns of a “sharp contraction in economic growth” appeared first on Invezz.

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