EUR/USD Analysis Indicates Bearish Pressure Amidst Quiet Market

Updated

The analysis on EUR/USD reveals strong bearish pressure, pushing the cross to its lowest level since mid-February, dipping below the 1.0751 mark. The daily chart shows EUR/USD confined within a 20-pip range below the 1.0804 level, corresponding to the 61.8% Fibonacci retracement of the previous rally from 1.0695 to 1.0982. On the 4-hour chart, the 20-period SMA is moving downwards above the current level and below longer moving averages, further confirming the bearish trend. The current session lacks significant events, with EUR/USD oscillating around the 1.0780 level due to Easter holidays, resulting in calm Asian and European markets. In Asia, the Japanese Nikkei 225 declined due to a negative business sentiment report, while Chinese stocks rose following better-than-expected economic data. Overall, I anticipate a bounce to the 1.088 level, where trendline crosses may occur, leading to a decline towards the 1.07 zone. Best wishes and happy trading to all.

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In the realm of currency markets, the EUR remains a focal point of analysis and speculation. As we dissect the latest developments, stay tuned for insights on key factors influencing the EUR's trajectory, empowering you to make informed decisions in the dynamic world of forex trading.

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The price touching the price channel suggests a potential bounce back.

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The price is going according to my ideas

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I think the price is trying to break through the price channel and create an uptrend, we need to observe more.

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EUR price has decreased as I predicted

MIA_MASTER

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