EUR/USD Price Analysis: Euro consolidates selloff, battles with 1.0800 figure


  • EUR/USD is consolidating below the 1.0850/80 resistance zone. 
  • The level to beat for bears is the 1.0780 support for a test of the 2020 lows.  
 

EUR/USD daily chart 

 
After a steep selloff in early March, EUR/USD is consolidating near 37-month lows as the Fed announced, this Monday, its largest stimulus package ever. The Quantitative Easing (QE) can be basically 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 stated.     
 

EUR/USD four-hour chart

 
 
EUR/USD continues to consolidate losses off monthly lows while trading below the main SMAs. As a matter of fact, the 50 SMA crossed below the 200 SMA which suggests more down. The correction is stabilizing near the 1.0800 figure as the range is nearing. The underlying tone remains bearish and sellers would be looking for an acceleration below the 1.0780 support en route towards 1.0723 and 1.0665 levels on the way down. Strong resistance can be expected in the 1.0850/80 price zone and at the 1.0950 price level, according to the Technical Confluences Indicator
 
 
Resistance: 1.0850, 1.0880, 1.0950
Support: 1.0780, 1.0723, 1.0665 
 

Additional key levels

EUR/USD

Overview
Today last price 1.0838
Today Daily Change 0.0050
Today Daily Change % 0.46
Today daily open 1.0788
 
Trends
Daily SMA20 1.1059
Daily SMA50 1.1007
Daily SMA100 1.105
Daily SMA200 1.1086
 
Levels
Previous Daily High 1.0888
Previous Daily Low 1.0722
Previous Weekly High 1.1237
Previous Weekly Low 1.0638
Previous Monthly High 1.1089
Previous Monthly Low 1.0778
Daily Fibonacci 38.2% 1.0825
Daily Fibonacci 61.8% 1.0785
Daily Pivot Point S1 1.0711
Daily Pivot Point S2 1.0633
Daily Pivot Point S3 1.0544
Daily Pivot Point R1 1.0877
Daily Pivot Point R2 1.0966
Daily Pivot Point R3 1.1043

 

 

 

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