- Analytics
- News and Tools
- Market News
- EUR/USD struggles to gather recovery momentum
EUR/USD struggles to gather recovery momentum
EUR/USD has been having a difficult time building on Friday's recovery gains with investors turning cautious at the beginning of the week. In the view of FXStreet’s Eren Sengezer, the pair is unlikely to gather bullish momentum in the current market environment.
Risk-aversion to limit euro's rebound
“The ISM Manufacturing PMI report will be featured in the US economic docket. The headline PMI is expected to rise to 58 in April from 57.1 in March. Ahead of Wednesday's all-important FOMC meeting, however, the market reaction to the PMI data is likely to remain muted. Hence, the risk perception should continue to drive EUR/USD's action.”
“On the downside, 1.05 (psychological level) aligns as first technical support. In case sellers drag the price below that level, the next bearish target is located at 1.0470 (multi-year low set on April April 26).”.
“In order to extend its rebound, EUR/USD needs to rise above 1.0560 (static level) and start using that level as support. Next resistances align at 1.0600 (psychological level) and 1.0660 (static level, 50-period SMA).”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
