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European stocks pulled back from their highs as lockdowns are extended

23 Mar 2021 11:10 AM

Today, European stocks fell from their highest levels in a year in the wake of a new wave of coronavirus infections and new lockdowns in Germany, which worried market traders about the slowdowns in the economic recovery process.

The STOXX 600 index fell by 0.7% and the DAX index fell by 0.8%, following the German Chancellor's announcement to extend the lockdowns until April 18. Additionally, the rate of infections in France accelerated despite the start of a third lockdown.

EURUSD experienced a noticeable sell-off and the pair is currently trading around the 1.19 mark and is likely to decline further to the next support levels at 1.1871 and 1.1835. Staying above these levels may provide some support for the pair, but breaking them will open the door for the pair to target levels of 1.18 and 1.17.

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