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#1 26-03-2020 14:28:31

Admin & Trader
From: Paris - France
Registered: 21-12-2009
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EUR/USD: the pair accentuates its rise...

EUR/USD: the pair accentuates its rise...

The pair's bullish run gained strength yesterday, after the pair already accelerated its rise again on Wednesday night, in a fourth consecutive day of gains.

The eurodollar pair peaked at 1.0956 on Thursday, while the pair was trading at 1.08 on Wednesday.

The main factor behind the rise was a general decline in the dollar, after it was recently praised as a safe haven.

The European project of "coronabonds" that is taking shape (common obligations for all European countries to finance the fight against the coronavirus and to compensate for its social and economic impact) also reassures and participates in the rise of the single currency.

It is therefore a subject that we will continue to monitor closely, in addition to an economic calendar that will be the occasion for several key events, especially in North America.

Durable Goods Orders for last month will also be monitored, but these will likely be relegated to the background as they do not reflect a period impacted by the coronavirus pandemic.

As for technical analysis, it should be noted that the EUR/USD sent two important buying signals on Wednesday: the break above its 200-hour moving average and the break above the psychological threshold of 1.09.

At this stage, the closest resistance level is at 1.0950, ahead of the 18 March peak at around 1.0979, and then the major psychological threshold of 1.10.

If the sellers win, the threshold of 1.09 and the 200-hour moving average at 1.0879 will be the first two potential support lines to be taken into account, ahead of the psychological threshold of 1.08 and the 100-hour moving average at 1.0786.

Currently, the EUR/USD pair is trading at 1.0957 on the forex.

Hourly EUR/USD chart

"Anything worth having is worth going for - all the way." - J.R. Ewing



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