EUR/CZK will retest a key resistance line

10. Feb. 2020

The pair will retest a key resistance line after hitting its 88-month low. Bulgaria is now in a waiting game after the country changes its legislation to allow its accession to the eurozone. If the Balkan country fulfilled the requirements for the euro currency adoption, it will be its 20th member. International Monetary Fund (IMF) President Kristalina Georgieva said the adoption will be possible until 2023. Bulgarian Parliament is seeking to adopt the euro at an exchange rate of 1 euro to 1.95583 leva. Economists expect that all the 27 members of the European Union will soon adopt the euro currency. A pro-Brexit website, the BrexitCentral, previously tweeted that member states will need to adopt the euro after 2020. Bulgaria’s decision is the biggest news for the euro after the UK’s withdrawal from the EU on January 31. This will be catastrophic for Czech Krona who saw its value to soar against the single currency in the past few months.