The EUR/USD extended its decline down to 1.3280 fresh year low so far today, having been unable to recover the 1.3300 level and maintaining the strong bearish tone. European data shown a decrease in German PPI, down to -0.1% monthly basis while European construction output also declined below expected, adding to the negative tone.
Technically the 4 hours chart shows price pressuring the lows with indicators presenting a strong bearish momentum despite entering oversold levels, while 20 SMA turns lower above current price, now around 1.3350. Further falls down to 1.3240/60 area are likely in the short term, while a daily close below the area exposes the pair to an approach to 1.3200. Immediate resistance stands at 1.3300 and above 1.3330: up to this last movements will be understood as corrective and rather attract sellers than trigger a recovery.
View Live Chart for EUR/USD
Technically the 4 hours chart shows price pressuring the lows with indicators presenting a strong bearish momentum despite entering oversold levels, while 20 SMA turns lower above current price, now around 1.3350. Further falls down to 1.3240/60 area are likely in the short term, while a daily close below the area exposes the pair to an approach to 1.3200. Immediate resistance stands at 1.3300 and above 1.3330: up to this last movements will be understood as corrective and rather attract sellers than trigger a recovery.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'