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As RalphBenjamin mentioned in last week's analysis, EUR is currently in a corrective recovery phase, receiving support at 1.055. However, overcoming the 1,080 resistance looks challenging and remains on target.

It seems that the downtrend has officially returned after last week's sideways movement. According to the Fibonacci tool from Trading View, after the recovery period reaching 0.618 (1.0850) the price began to decline again.

RalphBenjamin still maintains strong belief in the downtrend this week after the recovery period. Once the current support level is broken, there will be nothing to stop the EUR from falling further. What are your thoughts on this perspective?

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In the meantime, US stock index futures are up between 0.3% and 0.5%. A bullish opening in Wall Street could limit the USD demand during the American trading hours.

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EUR/USD is keeping its side trend intact on Easter Monday. The pair lacks a clear directional impetus amid thin liquidity conditions and a broadly muted US Dollar, as investors await ISM Manufacturing PMI data from the US.

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