The Euro entered US session at the back foot, hitting daily low at 1.2345, in extension of weakness from the European trading, when German ZEW miss (Apr -8.2 vs -0.8 f/c, the lowest since November 2012) increased pressure on the single currency.
Probe above 1.24 barriers was so far short-lived, with return below cracked Fibo barrier at 1.2377, further weakening near-term structure.
Fresh easing pressures strong supports at 1.2330 zone (cluster of daily MA’s/daily cloud top) which is expected to hold and keep in play bulls on daily chart for fresh attempts higher.
The pair may hold in extended consolidation between cloud top and 1.2400 barrier before generating clearer direction signal.
Repeated close above 1.2377 (Fibo 61.8% of 1.2476/1.2215 bear-leg) is needed to generate fresh bullish signal for renewed probe above 1.2414 (session high / Fibo 76.4%) and final push towards key 1.2476 barrier (27 Mar high).
Bearish scenario would require break and close below daily cloud top (1.2327) to shift near-term focus lower for further retracement of 1.2215/1.2414 bull-leg.
Res: 1.2377; 1.2414; 1.2446; 1.2476
Sup: 1.2345; 1.2330; 1.2290; 1.2261
Interested in EURUSD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.