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EUR/USD continues to trade in a relatively narrow channel below 1.1000 on Monday. The data from the US showed a small decline in the international trade deficit in February and the US Dollar Index stays in positive territory above 99.00. Meanwhile, retreating US T-bond yields seem to be capping the dollar's gains for the time being.
The EUR/USD pair is currently trading in the 1.0950 price zone, hovering around a Fibonacci level, the 23.6% retracement of its 2022 slide. The daily chart shows that the pair is down for a fourth consecutive day, meeting sellers around a firmly bearish 20 SMA. The Momentum indicator turned south but stands within neutral levels, while the RSI is heading lower at around 40.
The near-term picture is neutral-to-bearish, as the 4-hour chart shows that converging 20 and 100 SMAs cap the upside, with mildly bearish slopes. Technical indicators, in the meantime, are within negative levels, without clear directional strength. The odds are that the US dollar is set to assert strength, making EUR/USD break below 1.0920, exposing the year's low at 1.0805.
Support levels: 1.0920 1.0875 1.0840
Resistance levels: 1.1020 1.1070 1.1105
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
