- EUR/USD remains under heavy selling pressure near 34-month lows.
- The level to beat for bears is the 1.0793 support.
- Key resistance is seen near 1.0883 level.
EUR/USD daily chart
EUR/USD is trading in a downtrend below its main daily simple moving averages (SMAs) as the spot is under bearish pressure near 34-month lows. On Wednesday EUR/USD ended the day on the high tick however the buyers have more work to do in order to create a convincing recovery.
EUR/USD four-hour chart
Euro/Dollar broke below a bear channel while trading far away from its main SMAs on the four-hour chart. On the fourth day of the week, the spot remains under pressure near multi-year low as EUR/USD remains vulnerable below the 1.0793 level. Sellers can target the 1.0748 and 1.0725 levels on the way down. On the flip side, bulls want to recapture the 1.0838 level to trade towards a more solid resistance near 1.0883 level, according to the Technical Confluences Indicator.
Resistance: 1.0838, 1.0883, 1.0917
Support: 1.0793, 1.0748, 1.0725
Additional key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
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.