US equities plunged more than 3% led by massive fall in Apple stock of over 8%.:
Euro pulled back from its latest high after top policymakers at the European Central Bank, who warn that if the currency keeps appreciating it will weigh on exports, drag down prices and intensify pressure for more monetary stimulus? Several members of the ECB’s governing council told the Financial Times that the euro’s rise against the US dollar and many other currencies risks holding back the euro zone’s economic recovery.
Market pulled back hard from unprecedented highs as investors question the justification for steep valuations as the pandemic rages on. The selling accelerated after Dr. Anthony Fauci dashed hopes that a COVID-19 vaccine was coming soon, contradicting documents from the Centers for Disease Control and Prevention. Fauci told CNN a vaccine was unlikely to be ready by the end of October. His comments coincided with positive news on the economy after the U.S. labor market continues to show signs of incremental improvement.
Euro Upside Was Capped Again After Policymakers Raises Strong Concerns Over Rising Currency.
TREND : WEAK BEARISH
Time : 04/09/2020
Pivot : 1.1834
Technical View : LONG ABOVE 1.1854
Target : 1.1874, 1.1894, 1.1915, 1.1961
Technical View : SHORT BELOW 1.1814
Target : 1.1794, 1.1788, 1.1753, 1.1722