Key Highlights
-
The Euro declined this past week and tested the 1.2300 support zone against the US Dollar.
-
There is a key bullish trend line forming with support at 1.2325 on the 4-hours chart of EUR/USD.
EURUSD Technical Analysis
The Euro struggled this past week against the US Dollar, especially after an unexpected dovishness from the ECB. The EUR/USD pair tumbled and tested the 1.2300 support area.
The pair is currently trading above the 23.6% Fib retracement level of the last decline from the 1.2396 high to 1.2299 low. On the downside, there is a key bullish trend line forming with support at 1.2325 on the 4-hours chart of EUR/USD.
As long as the pair is above the trend line support at 1.2325 and stays above the 100 (red) and 200 (green) simple moving averages (4-hours), it remains supported for a recovery in the near term.
On the upside, a break above the 50% Fib retracement level of the last decline from the 1.2396 high to 1.2299 low is needed for more gains. Above 1.2345, the pair may continue to move higher and it could even retest the 1.2400 handle.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
EUR/USD drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price holds strength ahead of US core PCE inflation
Gold price holds onto gains near $2,200 in Thursday’s European session. The precious metal exhibits firm footing ahead of the United States core PCE Price Index data for February, which will be published on Friday.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.