The European currency has an excellent chance to test the 1.18 mark and gain a foothold in it. Firstly, the ECB has slowed down the pace of buying an assets. Over the past week the monetary regulator has printed €16.7 billion against €26.3 billion a week earlier. Emission cuts have historically had a beneficial influence on the exchange rate.

Secondly, there is a stable demand for metals and energy in the commodity market, which will also have a positive influence on the value of the euro, inasmuch as assets are historically correlated with each other. Investors are buying up commodities, insofar as they expect the growth of global economy against the background of an improving epidemiological situation in the world.

Trading recommendation: Buy 1.1730/1.1700 and take profit 1.1782.