Forex News

Euro Weakens Against the Greenback; Loses a Steady Support

EUR/USD fails to keep up the momentum and appears bearish in the 2nd half of the day after marking an intraday high at 1.081. However, it failed to regain support from the 200-day MA that lies around 1.082 and retain 50-day MA at 1.080. The pair has marked a low at 1.078 since the opening hours until the time of writing, and it is the immediate support to look for, followed by 1.077.

EUR/USD Forecast

The price trend of the pair below 38.20% Fib Retracement level and this is due to the weakening of the Euro against the greenback on the intraday chart. Moreover, the pair has lost a steady momentum from a weekly high of 1.0896 due to bullish to bearish trend revision.

EUR/USD Price Chart

Moreover, as the United States allows relaxation amidst the lockdown due to the global Pandemic, DXY was has hit a 3-week high above 100. However, the base currency here is seen as losing the intraday momentum to have a steady trade. Over the past two days, the EUR/USD is seen consolidating below 38.20% to a major extent.

The pair lost the 200-day MA support after the pair dipped below 1.083 and failed to rise over the past two days. With the closing of the week, Euro is drawing a bearish picture against the US Dollar, until the press time. Additionally, 1.083 is the major resistance for the pair gin order to revive back the lost traction and regain 200-day MA support.

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Kathleen Davis

About author
Kathleen Davis worked as a freelance writer. She loves writing on topics like forex and cryptocurrencies. She is a cryptocurrency analyst and works as a cryptonews writer for our team.
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