Forex » Bears may drop EUR/USD below 1.03

Bears may push EUR/USD below 1.03

The euro is consolidating against the US dollar in forex in a tight range on Friday after falling 1.3% a day earlier as daily oversold analysis warns of a price correction that should be capped as the overall bearish bias persists.

The EUR/USD pair is on track for a weekly loss in the FX market of around 1.5%, marking a sixth consecutive week in red.

Thursday’s drop to a new 5-year low at 1.0354 increased pressure on the 2017 low at 1.0340, which would further accelerate the decline below 1.0300 support.

Ideally, upside should be capped below 1.0463 (Fibonacci 38.2% of 1.0648/1.0354 bearish leg), while only a break above the daily Tenkan-sen line (1.0497) would relieve pressure directly bearish.

Resistance levels: 1.0419; 1.0463; 1.0497; 1.0508.
Support levels: 1.0354; 1.0340; 1.0300; 1.0235.

Slobodan Drvenica, Information and Analytics Manager, Windsor Brokers

An industry veteran with over 22 years of experience, Slobodan Drvenica joined Windsor Brokers in 1995, where he has been an active trader for over 10 years, managing the dealing department and in-house accounting departments. For the past decade, he has led the analytics department and has specialized in currencies and commodities.

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The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, so you should do your own research when making a decision.

Disclaimer: The information and opinions contained in this report are for general information only and do not constitute an offer or solicitation to buy or sell foreign exchange contracts or CFDs. Although the information contained herein has been obtained from sources believed to be reliable, the author does not warrant its accuracy or completeness and shall not be liable for any direct, indirect or consequential damages that may result from anyone relying on such information.

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