OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/USD Price Analysis: Euro extends to the downside as investors anticipate US economic stimulus

  • EUR/USD is correcting down sharply from the 2020 tops.
  • The level to beat for bears is the 1.1258/82 support zone.
 

EUR/USD daily chart 

 
EUR/USD is pulling back down from 2020 tops while trading above the main SMAs. The USD is up across the board as investors are anticipating a US economic stimulus.
  

EUR/USD four-hour chart

 
EUR/USD is retracing down while above the main SMAs. The correction could extend further on a break below the 1.1258/82 support zone and the spot could then be headed towards the 1.1235 and 1.1150 levels. Resistances can be found near the 1.1330 and 1.1365 levels, according to the Technical Confluences Indicator. 
 
 
Resistance: 1.1330, 1.1365, 1.1411
Support: 1.1258/82, 1.1235, 1.1150
 
 

Additional key levels

 

WHO’s Tedros: Coronavirus can be characterized as pandemic

WHO’s Tedros: Coronavirus can be characterized as pandemic more to come ...
Read more Previous

USD/INR rebounds above 74 on broad USD strength

The USD/INR pair rose above the 74 handle during the first half of the day but struggled to stretch higher as the USD failed to find demand on growing
Read more Next
Start livechat