EURUSD tumbled below the crucial 1.0845 restricted zone, generating concerns that the decline from the 200-day simple moving average (SMA) may continue. Also, the market declined slightly below the 1.0800 round number during Monday’s session, meeting the lower boundary of the bearish triangle but it returned quickly above the 1.0815 barrier. Prior to resuming their efforts, the bulls might attempt to close above the 200-day SMA at 1.0845. They could then contend for a channel breakout above 1.0870 ahead of the bearish crossover between the 20- and the 50-day SMAs at 1.0915. Beyond that region, the psychological threshold of 1.1000 may present a substantial obstacle.
In the most favourable scenario, more losses could open the door for the 1.0725 support level before touching the 1.0655 support, shifting the outlook to a strongly bearish one.
From a technical standpoint, the RSI is positioned below 50 and exhibits a southward bias, whereas the MACD is continuing its bearish trajectory beneath its zero and trigger lines. Both indicators point to a bearish momentum.
In summary, EURUSD may be poised to extend its latest slide, especially after the dive beneath the 200-day SMA and the medium-term ascending trend line.
The most traded currency pairs in the world are called “the Majors” and the EURUSD leads this group as the most traded pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.
The EUR/USD pair tanked early Friday, extending its decline from a day earlier when the US revealed its economy expanded more than expected. The exchange rate tumbled roughly 1%, or 100 pips, from a Thursday high of $1.09 to a Friday session low of just around the $1.08 mark.
US gross domestic product grew by a surprise 3.3% rate for the December quarter, shooting past estimates for a modest 2% rate of expansion. The news stirred up forex dealmaking, sending the US dollar higher against all other major currencies and lifting the index (DXY) on track for its fourth consecutive week of green candlesticks.
In the most favourable scenario, more losses could open the door for the 1.0725 support level before touching the 1.0655 support, shifting the outlook to a strongly bearish one.
- The EUR/USD pair advanced moderately in early Monday deals as forex market participants punched in for the week. The euro powered higher by a mere 15 pips to cross $1.09 as it struggled to break out of a three-day consolidation area around the $1.0850 threshold.
- The euro got battered in the past couple of weeks as shifting sentiment positioned the dollar at the forefront for traders. Since the start of the year, the EUR/USD has lost roughly 150 pips, or 1.3%, as the pair dived under the 50-day moving average, indicating short-term bearish pressure.
- Looking ahead, volatility is bound to pick up as economic reports stir up the trading arena. On Thursday, the European Central Bank will announce its interest rate decision. Analysts expect Europe’s central bankers to maintain the benchmark rate unchanged at 4.50%. First rate cuts are projected for June, or later than markets had expected.
From a technical standpoint, the RSI is positioned below 50 and exhibits a southward bias, whereas the MACD is continuing its bearish trajectory beneath its zero and trigger lines. Both indicators point to a bearish momentum.
In summary, EURUSD may be poised to extend its latest slide, especially after the dive beneath the 200-day SMA and the medium-term ascending trend line.
The most traded currency pairs in the world are called “the Majors” and the EURUSD leads this group as the most traded pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.
The EUR/USD pair tanked early Friday, extending its decline from a day earlier when the US revealed its economy expanded more than expected. The exchange rate tumbled roughly 1%, or 100 pips, from a Thursday high of $1.09 to a Friday session low of just around the $1.08 mark.
US gross domestic product grew by a surprise 3.3% rate for the December quarter, shooting past estimates for a modest 2% rate of expansion. The news stirred up forex dealmaking, sending the US dollar higher against all other major currencies and lifting the index (DXY) on track for its fourth consecutive week of green candlesticks.
تبصرہ
Расширенный режим Обычный режим