e

Stocks markets stopped the bleeding during the Asian session, and while still under pressure, the sell-off seen on Monday has made a pause. Without strong risk sentiment leading the way, the dollar trades broadly higher across the board, exception made by the Japanese yen that retains the bid tone against its American rival. 

German unemployment in December came out better than expected, yet the common currency remains under selling pressure.

View the Live chart of the EUR/USD

The EUR/USD pair trades near the low set on Monday at 1.0780, and maintains a strong bearish tone, as in the 4 hours chart, the technical indicators head south below their mid-lines, whilst the price is extending below a strongly bearish 20 SMA. Also, selling interest is keeping the upside limited around 1.0840/50, the 38.2% retracement of the December rally.  

A downward acceleration below the mentioned Fibonacci support should see the price falling down to 1.0740, en route to 1.0710, the 61.8% retracement of the same rally. Recoveries need to extend beyond 1.0850 to support an intraday recovery up to 1.0890 later today. 


Latest updates on the EUR/USD Forecast

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