Forex

EUR/USD Highlights of the Week; Ends the Week at 1.083

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EUR Price Chart
EUR/USD Chart By TradingView
  • EUR/USD ended the week above 1.080 after marking a rebound from an intraday low of 1.07 in Friday’s session, i.e., May 8, 2020.
  • However, the Euro lacks a gradual support from 50-day and 200-day MA after a dip below 1.09 price area against the US Dollar.
  • After the downward swing, the price trend of the pair has slid below 38.20% Fib Retracement Level, although yesterday’s trading session turned up to be a gainer.
  • EUR/USD has been giving consecutive lower highs since the first week of March after hitting a high at 1.41.
  • The steep candlestick downturn took the price Euro to marks the YTD lowest at 1.06 against the greenback.
  • However, with easing of the restrictions amidst the lockdown and economic standstill, Euro is expected to have bullish sentiments in the intraday while a complete rebound will happen eventually.
  • Over the past, the pair lost over 1.7% from starting the week trading around 1.095 to the lowest marked two days back around 1.076.
  • The major resistance in the intraday to watch out for lies at 1.09, followed by 1.10, and support lies at 1.076 and 1.063.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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