EUR/USD trades flat near 1.0800 in quiet start to week, though bearish themes remain in focus

EUR/USD is flat at the start of the week near 1.0800 with European markets still shut.
But recent bearish themes (hawkish Fed, Russo-Ukraine war) remain in play.
As a result, bears continue to eye a near-term test of 2020 lows in the 1.0600s.

Joel Frank Independent Analyst

In a quiet start to the week for global markets given the fact that European participants are still away for Eastern holiday celebrations, EUR/USD is little moved in the 1.0800 area. However, with US yields printing fresh multi-year highs in pre-US open trade and European bond markets shut, yield divergence during US trading hours risks sending the pair back towards last week’s lows in the 1.0750s.

Traders continue to cite recent hawkish commentary from Fed policymakers as the main driver of recent upside in US yields and the US dollar. This contrasted to last week’s ECB meeting, where the bank left its policy guidance and tone on the economy unchanged, disappointing some expectations for a hawkish shift, in language at the very least.

This backdrop of increasing policy divergence may continue to weigh on EUR/USD this week, traders have said, adding that the ongoing Russo-Ukraine war continues to further dent the euro’s appeal. Technicians have marked out the 2020 lows at 1.0636 as the next key area of support that EUR/USD is likely headed towards.

Fed and ECB rhetoric will likely be the main fundamentals drivers of the pair this week, with ECB President Christine Lagarde and Fed Chair Jerome Powell scheduled to appear alongside one another on Thursday. Friday sees the release of flash April PMI surveys from the Eurozone and US which should make for interesting reading.

EUR/Usd

Overview
Today last price	1.0807
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.0808

Trends
Daily SMA20	1.0956
Daily SMA50	1.1092
Daily SMA100	1.1204
Daily SMA200	1.1436

Levels
Previous Daily High	1.0831
Previous Daily Low	1.0797
Previous Weekly High	1.0933
Previous Weekly Low	1.0758
Previous Monthly High	1.1233
Previous Monthly Low	1.0806
Daily Fibonacci 38.2%	1.081
Daily Fibonacci 61.8%	1.0818
Daily Pivot Point S1	1.0794
Daily Pivot Point S2	1.0779
Daily Pivot Point S3	1.076
Daily Pivot Point R1	1.0827
Daily Pivot Point R2	1.0846
Daily Pivot Point R3	1.0861

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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