This is a very different animal from the Great Depression.
The shared currency recovered from a low of $1.0771 to $1.0818 after data last week showed companies in the United States shed jobs at break-neck speed as the COVID-19 pandemic leads the global economy into a deep recession.
The Cable tumbled to $1.2214 on Monday on news that British Prime Minister Boris Johnson was admitted to hospital for tests after showing persistent symptoms of the coronavirus.
The yen nosedived to 109.12 per dollar on Japanese reports that Prime Minister Shinzo Abe may declare a state of emergency as early as Tuesday to curb an alarming acceleration in coronavirus infections.
The Australian dollar mounted to $0.6040 as investors found cheer in slowing death rates in some of the countries worst hit by the coronavirus, lifting share markets across Asia.
The South Africa's rand plummeted to 19.10 against the US dollar as Fitch downgraded South Africa's credit rating to BB from BB+ on Friday, coming a week after Moody's cut the country's grade to junk.
The U.S dollar inched by 5 cents to 39.34(buying) against the Mauritian Rupee as demand for foreign currencies remain upbeat on the domestic market.
The Single currency plunged to a low of $1.0771 last week, before trimming back some losses to $1.0825 this morning, as safe-haven demand boosted the U.S dollar higher across the board.
On a technical perspective, the EUR/USD appears to be tracking the bearish Head & Shoulders (H&S)pattern highlighted last week.
The H & S neckline, as illustrated on the 10 mins chart, could possibly act as magnet in the coming sessions that would propel the EUR/USD higher near $1.0850/75.
However, the pair still remain vulnerable to further downside possible near $1.0700 (H &S target level).
• After rallying to the downside from a high of 112.22 to 101.17 amid global pandemic threat, USD/JPY has been in a correcting mode since 9th March 2020 and seemed to have recently completed an W-X-Y Double Zig-Zag structure of Wave (2) reaching a high of 111.64 on 27th March 2020.
• Two strong indicators were flashing a trend reversal: ending diagonal at Wave 5 of Wave c and bearish RSI divergence.
• On the hourly chart, as per Elliott Wave analysis, the pair might resume its downwards trend targeting 100.64 - 93.78 to unfold Wave (3), a projection of 100%-161.8% of Fibonacci level.
• USD/JPY is percolating towards its target from 110.41 to 107.84, as per chart below.
• On a side note, resumption of a bullish USD/JPY would mark an invalidation of the Elliott Wave structure above 112.22.