The euro is up slightly against the dollar after Angela Merkel agreed with interior minister Horst Seehofer on a new border control plan. How will the EURUSD be impacted by this deal? Gain insight into today’s 3 July EURUSD Fundamental Expectations.
3 July, OctaFX – According to the deal, Germany will set up major holding and processing centres for asylum seekers at the German borders. Horst believes that this will help the country prevent or reduce illegal entry by migrants via the Austrian-Germany border.
There is a long way to go before the new policy becomes government policy because the deal requires consent from the social democrats.
3 July EURUSD Fundamental Expectations
The EURUSD pair is trading at 1.1632, which is higher than yesterday’s intraday low of 1.1590. The latter was the pair’s 38.2% Fibonacci Retracement level while the current price is slightly above the 50% level. Traders will focus on the deal between Angela Merkel and her coalition partners.
Depending on the news, the pair could continue the upward momentum, which will see it cross yesterday’s high of 1.1690. The alternative scenario is where the pair slides. If it does, it will likely test the 1.1574, which is the 23.6% Fibonacci Retracement level.
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