EUR/USD Price Analysis: Euro consolidates March’s selloff, trades below 1.0800 figure


  • EUR/USD’s reaction up to Fed’s QE ‘unlimited’ is being limited.
  • Resistance is seen near the 1.0850 price level.
 

EUR/USD daily chart 

 
After an above-average decline, EUR/USD is stabilizing near 37-month lows as the Fed announced, this Monday, its largest stimulus package ever. The Quantitative Easing could essentially be limitless. “The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions,” the Fed wrote.     
 

EUR/USD four-hour chart

 
 
The euro keeps consolidating losses near monthly lows while trading below its main SMAs. Interestingly, the 50 SMA crossed below the 200 SMA which adds credence to the bearish case. For the second time this week, the bulls launched an attack and they almost reached the 1.0900 figure this Tuesday, but there was no follow-through and the price is now back near the 1.0800 level as the overall bias remains bearish for EUR/USD. 
 
 
Resistance: 1.0850, 1.0900, 1.0950
Support: 1.0780, 1.0732, 1.0665 
 
 

Additional key levels

EUR/USD

Overview
Today last price 1.0778
Today Daily Change 0.0051
Today Daily Change % 0.48
Today daily open 1.0727
 
Trends
Daily SMA20 1.1064
Daily SMA50 1.1013
Daily SMA100 1.1053
Daily SMA200 1.1088
 
Levels
Previous Daily High 1.0828
Previous Daily Low 1.0636
Previous Weekly High 1.1237
Previous Weekly Low 1.0638
Previous Monthly High 1.1089
Previous Monthly Low 1.0778
Daily Fibonacci 38.2% 1.0755
Daily Fibonacci 61.8% 1.0709
Daily Pivot Point S1 1.0633
Daily Pivot Point S2 1.0539
Daily Pivot Point S3 1.0442
Daily Pivot Point R1 1.0825
Daily Pivot Point R2 1.0922
Daily Pivot Point R3 1.1016

 

 

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