EUR/USD retreats below 1.0800

Matías Salord FXStreet

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).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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