As per the latest COVID-19 data from Germany’s Robert Koch Institute (RKI), 39,000 active cases were found as of yesterday. The latest update today sees 13 deaths so that brings the total tally to 9,634 persons. Additional details suggest that the cases grew 4,122 to 329,453 by Tuesday. In doing so, the pandemic figures defy the recent weakness below the 4,000 round-figure, observed in the last two days. Furthermore, the COVID-19 death toll also crosses the previous two days’ figures of 11 and 6 respectively with 13 more fatalities to 9,634.

“France reported nearly 27,000 new cases in one day this weekend. Many Eurozone nations are in a similar boat with virus cases surging,” BK Asset Management’s Kathy Lien said, and added that, “No matter how you look at it, the Eurozone economy will be hit hard by the second wave.”

The European Central Bank moved a step closer to exploring the creation of virtual currency after president Christine Lagarde said on Monday it was “very seriously considering” a digital Euro. At a virtual meeting hosted by the International Monetary Fund, Lagarde said:  “The ECB is very seriously looking at a digital Europe.”

The pair could suffer as the US treasury yields are expected to rise on the US fiscal generosity and boost the dollar’s appeal.

Elsewhere, negative news also pops up in US, Johnson & Johnson – The pharma giant said late Monday that it had paused all trials of its coronavirus vaccine after a participant experienced an unexplained illness.

German Zew Survey’s Economic Sentiment and Current Situation indices for October better estimates may change the negative sentiment for Euro. Later in the day, the focus would shift to the US Consumer Price Index for September.

EUR/USD 4 Hour Chart:

Support: 1.1789 (S1), 1.1768 (S2), 1.1750 (S3).

Resistance: 1.1829 (R1), 1.1848 (R2), 1.1869 (R3).

The second wave of corona virus in Europe weighs on Euro and we expect a bearish trend for EUR/USD.