EUR/USD corrects below the huge liquidity zone below 1.0800
Hello dear traders!
Overall, EURUSD experienced a significant pullback the previous day with the price falling past the 1.0800 level. As can be seen, it closed the weekly candle low around 1.0789, after hitting 1.0785, marking a 0.03% gain on the day. This is not only a signal of a change in market sentiment but also a strong sign of downward pressure on prices.
On international market impact news: EUR/USD remains low below 1.0800 following weak French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to the US PCE inflation data, with the greenback shedding a few pips.
In terms of outlook: technical indicators have extended their slide into the negative, maintaining the downward slope and predicting lower lows ahead.
Looking ahead, the 4-hour chart also supports an extended bearish bias, as EUR/USD continues to grow below all of its moving averages while encountering sellers around the established resistance line , reflecting increased selling pressure.
Support level: 1.0770 1.0725 1.0695
Resistance: 1.0800 1.0835 1.0870
Overall, EURUSD experienced a significant pullback the previous day with the price falling past the 1.0800 level. As can be seen, it closed the weekly candle low around 1.0789, after hitting 1.0785, marking a 0.03% gain on the day. This is not only a signal of a change in market sentiment but also a strong sign of downward pressure on prices.
On international market impact news: EUR/USD remains low below 1.0800 following weak French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to the US PCE inflation data, with the greenback shedding a few pips.
In terms of outlook: technical indicators have extended their slide into the negative, maintaining the downward slope and predicting lower lows ahead.
Looking ahead, the 4-hour chart also supports an extended bearish bias, as EUR/USD continues to grow below all of its moving averages while encountering sellers around the established resistance line , reflecting increased selling pressure.
Support level: 1.0770 1.0725 1.0695
Resistance: 1.0800 1.0835 1.0870
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Risks to price stability in the Eurozone are gradually receding, realizing the conditions for the start of monetary policy easing. Some ECB officials have hinted at an interest rate cut in June, in line with President Christine Lagarde.
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