The dollar advances in a pretty quiet Monday, with little so far in the economic calendar, except German import prices that beat expectations, falling by 1.4% in March, less that the 2% decline expected. Later on in the day, the US will release its Services and Composite PMIs for April, with services February ready already revised to the upside.
Technically, the EUR/USD trades near its daily low set at 1.0824 in the European morning, breaking through the 61.8% retracement of its latest bearish run around 1.0840. In the 4 hours chart, the 20 SMA maintains a bullish slope, acting as immediate short term support in the 1.0800 region, whilst the technical indicators are turning slowly lower in positive territory, far from suggesting a stronger decline. As long as the price continues to struggle around the 1.0840 level, there's little clues on what's next for the pair. A break below 1.0800 is required to confirm a new leg lower, targeting then the 1.0750/60 region, whilst a recovery above the 1.0860 level may see the pair attempting to retest 1.0900. Beyond this last, 1.0950 comes next.
View Live Chart for EUR/USD
Technically, the EUR/USD trades near its daily low set at 1.0824 in the European morning, breaking through the 61.8% retracement of its latest bearish run around 1.0840. In the 4 hours chart, the 20 SMA maintains a bullish slope, acting as immediate short term support in the 1.0800 region, whilst the technical indicators are turning slowly lower in positive territory, far from suggesting a stronger decline. As long as the price continues to struggle around the 1.0840 level, there's little clues on what's next for the pair. A break below 1.0800 is required to confirm a new leg lower, targeting then the 1.0750/60 region, whilst a recovery above the 1.0860 level may see the pair attempting to retest 1.0900. Beyond this last, 1.0950 comes next.
View Live Chart for EUR/USD
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