The EUR/USD is on uptrend today and the pair opened higher following the previous day’s upside momentum A venture manager who supports the founders of the ‘open economy’ today announced the new 2021 fund worth $130m (£93m) – the largest in Europe. The fund is backed by $ 30 million from the European Investment Fund (EIF) and includes its co-founders. This fund is the first EIF-backed fund specifically compelled to invest in digital assets. It supports both traditional equity and software tokens and other digital assets owned by these new, inclusive and joint networks and applications. These are all underpinned by the recent invention of digital scarcity and hence ownership.

The Fabric Ventures said in a statement that “the founders of the open economy frequently have the explicit objective of delivering solutions to many of humanity’s most fundamental challenges. The venture manager described the open economy as “an upgrade to capitalism” because it facilitates “greater overall economic returns for all participants, and ultimately a fairer, more stable and sustainable society.” 

EIF chief executive Alain Godard said “deeptech entrepreneurs in the blockchain sector in Europe often struggle to find financial support and investors that have a deep understanding of their space. This partnership seeks to address that need and unlock financing opportunities for entrepreneurs active in the field of blockchain technologies – a field of particular strategic importance for the EU and our competitiveness on the global stage.” Fabric Ventures Group is registered as an AIFM with the CSSF in Luxembourg and includes an advisor entity which has been made an appointed representative in the UK.

It should also be noted that ECB recently stated the price stability was best maintained by Europe aiming for a 2% inflation target. ECB President Christine Lagarde warned about a fresh third wave of the COVOID-19 pandemic and its impact on the economy and the Euro pair little reacted to the sell off mood but not more. The Consumer Confidence Sentiment came at -4.4 in July from the previous month -3.3 readings. The Eurozone Service Sentiment rose to a 14-year peak in July at 19.3, but below the market estimates of 19.9.

On the other hand US Q2 GDP data justified the central bank’s cautious approach. In addition to GDP, enthusiastic weekly unemployment claims and further softening of household data led market players to believe more easy monetary policies from the central bank. It should be noted, that the corona virus tragedies and US data inflation expectations could be taxed by weighing market sentiment. As for now, traders await the Eurozone Gross Domestic Product (GDP) Rate and Inflation Rate to gauge the market sentiment. And today’s Core Personal Consumption Expenditure Price Index for June will be the key after the latest easing of GDP and housing figures.

EUR/USD 4 Hour Chart:

Support: 1.1853 (S1), 1.1819 (S2), 1.1799 (S3).

Resistance: 1.1907 (R1), 1.1927 (R2), 1.1961 (R3).

Amidst all the catalysts favoring Euro, We expect a bullish trend for EUR/USD.