The EUR however trades at fresh 8-days lows against the USD, as Greek debt woes continue to weigh on the common currency. The EUR/USD pair accelerated below 1.0800 and approaches 1.0710, the 23.6% retracement of its latest monthly slide and the immediate support. In the 4 hours chart, the technical picture favors the downside, as the 20 SMA gains bearish slope well above the current level, around 1.0850, whilst the technical indicators stand in negative territory, particularly with the RSI heading sharply lower around 31.
Further declines below the mentioned Fibonacci level should lead to a downward acceleration towards the 1.0660, a strong static support level, whist if the slide extends below this last, the 1.0620 price zone comes next. Former lows around the 1.0800 figure are the immediate resistance, and it will take a recovery above it to see the pair turning back north, eyeing then the 1.0865 level.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.