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EUR/USD Daily Forecast – Euro Is Under Pressure At The Start Of The Week

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Vladimir Zernov
·2 min read
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EUR/USD Video 12.04.21.

U.S. Dollar Gains Some Ground Against Euro

EUR/USD is currently trying to get back below the support at 1.1880 while the U.S. dollar is moving higher against a broad basket of currencies.

The U.S. Dollar Index managed to settle above the resistance at 92.15 and made several attempts to settle above the next resistance at the 20 EMA at 92.30. A move above the 20 EMA will push the U.S. Dollar Index towards the resistance at 92.50 which will be bearish for EUR/USD.

Today, foreign exchange market traders will have a chance to take a look at Euro Area Retail Sales data for February. Analysts expect that Retail Sales increased by 1.5% month-over-month after declining by 5.9% in January. On a year-over-year basis, Retail Sales are projected to decline by 5.4%.

Euro has recently managed to rebound against the U.S. dollar as Treasury yields moved lower. However, it remains to be seen whether this rebound will be sustainable as the situation with coronavirus in Europe remains challenging and European economy remains under pressure.

Technical Analysis

EUR/USD declined below 1.1900 and is trying to get below the support level at 1.1880. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

If EUR/USD manages to settle below the support at 1.1880, it will head towards the next support level which is located at the 20 EMA at 1.1860.

A move below the 20 EMA at 1.1860 will push EUR/USD towards the next support at 1.1830. In case EUR/USD declines below the support at 1.1830, it will head towards the next support at 1.1800.

On the upside, the previous support level at 1.1900 will serve as the first resistance level for EUR/USD. If EUR/USD manages to settle above this level, it will have a chance to get to the test of the resistance at the 20 EMA at 1.1920.

EUR/USD has already made several attempts to settle above this level in recent trading sessions but failed to develop sufficient upside momentum. If EUR/USD gets above the 50 EMA, it will move towards the resistance at 1.1965.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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