EURUSD and continuation of vaccination

The pharmaceutical company “AstraZeneca” announced today that the European Union has lost the legal dispute it initiated against that pharmaceutical company due to delays in producing and delivering vaccines against Covid-19.

The company said that the European Commission had requested that AstraZeneca deliver 120 million doses of vaccine by the end of June 2021 but that a court in Brussels had ordered the delivery of 80.2 million doses by September 27, 2021.

This, as it was announced, rejected the EU’s request for the delivery of additional quantities of vaccines by the end of June.

The British-Swedish company had previously agreed in a contract to do everything to deliver 300 million doses to the 27-member unit by the end of June. Still, production problems led the company to reduce its target to 100 million vaccines, reminds Reuters.
The reduction in deliveries delayed the vaccination process in the EU in the first quarter of this year because the European bloc then counted on “AstraZenek” as the largest supplier of vaccines.

“The verdict also acknowledged that the difficulties that AstraZeneca experienced in this unprecedented situation had a significant impact on the delay,” the company said in a statement.
The company also expressed hope for renewed cooperation with the EC to fight against the pandemic in Europe.

Looking at the EURUSD pair chart on the daily time frame, we see a big pull from 1.22500 to the current 1.18700. The euro has started to lose ground, and we can expect to see it visit the previous low from the end of March at 1.17000 soon. The dollar was expected to find support at 90.00 and start to strengthen to the current 92.25. As potential support to this agony, we can look at the bottom trend line as a potential resistance to the bearish trend.