The euro breakout continues as risk trades grind higher

EUR/USD hits 1.1070

The euro is higher for the third day and finally appears to have definitively broken above 1.1018 and the stick area of resistance there.

With that, the March 30 high of 1.1163 is now the target on the chart and looks like an enticing one.

In the bigger picture, if we’re pricing in the reopening in the US, we should really be pricing it in everywhere. At the moment, European equities are still significantly behind the US.

In Italy, for instance, the FTSE MIB is just now brushing up against the 38.2% retacement.

Italy MIB

See here for global coronavirus case data