EUR/USD retreats below 1.0800
|EUR/USD failed to rally above the 1.0820/30 area and pulled back. The pair is hovering around 1.0795, about to end the day unchanged from yesterday’s closing price.
The euro weakened during the European session and favored a retreat of EUR/USD, that after reaching a fresh 2-week high at 1.0825, pulled back.
“The EUR/USD pair was unable to hold on to gains and closed the day pretty much flat. Risk aversion was again the main theme leading the markets, as following Wednesday's equities slump, a terrorist incident took place near the UK Parliament with at least two people dead”, said Valeria Bednarik, Chief Analyst at FXStreet.
The pair moved all day in a 55-pip range without making strong moves, unaffected by the sharp decline in USD/JPY. The trend and momentum in the short-term continue to favor the upside bias, but if EUR/USD fails soon to break consistently above 1.0830, it could weaken opening the doors for a more significant correction.
Technical levels
To the upside, immediate resistance could be seen at 1.0800 (20-hour moving average), 1.0825/30 (February and March highs) and 1.0850. On the flip side, support could be located at 1.0775/80 (daily low), 1.0745 (Mar 15 high) and 1.0715/20 (weekly low).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.