EUR/USD. July 24, 2020 – Euro declines from highs within correction The pair ends the week near the 1.1600 level. The euro hit a new high at 1.1625 yesterday. Today, the European currency is supported by the PMI business activity indices in France and Germany, published in the morning: the indicators were better than the market forecasts (57.8 points and 50.0 points, respectively). The euro remains the leader in the foreign exchange market amid high demand for the currency after the leaders of the European Union have agreed on a global stimulus package for the economy. In contrast, the United States has recently faced difficulties in adopting a new stimulus program, as well as in containing the further spread of Covid-19. In addition, the United States continues to wage a trade war with China, which also puts pressure on the greenback. However, on the H4 chart, we see that the RSI indicator reversed and headed down towards the neutral zone. The forecast for today assumes a decline in the pair within the correction to the 1.1560 area.