The EUR / USD set new highs in almost seven weeks in the American session, rising to 1.0818. The pair slowed its bullish course, just below the highs of this year that are around 1.0830.
Following this, it lost some strength and fell back to the area of 1.0800, where it is currently operating, 65 pips higher than yesterday's close.
The rise is taking place in the context of a fall in the dollar in the market, especially against the European currencies, and in the last hours, also against the yen. The latter strengthened with the fall of the bags.
The EURUSD bulls continue to fight a battle in the 1.0800 region as they try and reach 1.0850 which would give confidence to the other buyers and would help the bulls in pushing the pair even higher towards 1.10. We had been mentioning in our forecasts over the last few days that EURUSD reaching 1.0800 region was a given but what is going to be a challenge for the bulls is that they have to push through the 1.0800-0830 region and ensure that they dont lose the momentum and fall back into range.
The EUR / USD moved away from the lows of the day but could not return above 1.0800, as the recovery slowed at 1.0795. Currently the pair is trading at 1.0770 / 75, the previous US unemployment benefit report and a speech by Janet Yellen, looking closely at the lows. The EUR / USD remains bearish for the day, and can not return above the 20-day moving average, which is now at 1.0790. Hours ago the pair had fallen to 1.0766, reaching the lowest level since Tuesday.
The EUR / USD fell initially during Thursday's session, but continues to find support above the 1.0750 level. I think the market is going to try to break above the recent high and will start heading towards the 1.09 level. A break above there will bring the pair to the level of 1.10.
At present, it seems that the EUR is being favored and I think much of this comes from the idea that the European Central Bank will gradually move away from quantitative easing. With this, I think the pair will find buyers in the setbacks as they will be perceived as value.
EUR/USD depreciated today going from a high of 1.0906. The pair is now 1.0783 and it appears that the trend for the short-term has shifted from bullish to bearish. The US dollar is gaining strength again.
At the moment EURUSD is losing 0.25% at 1.0787 facing the immediate support at 1.0759 (low Mar.24) ahead of 1.0704 (low Mar.16) and finally 1.0694 (20-day sma). On the flip side, a break above 1.0873 (high Mar.28) would target 1.0877 (200-day sma) en route to 1.0905 (high Mar.27).
At the moment the EURUSD is losing 0.26% at 1.0737 facing the immediate support at 1.0738 (low Mar.29) ahead of 1.0709 (20-day sma) and finally 1.0704 (low Mar.16). On the flip side, a break above 1.0827 (high Mar.29) would target 1.0874 (200-day sma) en route to 1.0905 (high Mar.27).
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