EURUSD Plunge Further Extending Losses Past the Prior Low Level at 1.0768

EURUSD Plunge Further Extending Losses Past the Prior Low Level at 1.0768

EURUSD Price Analysis – April 23

Moving into yet another significant Eurozone day, we have a minor negative sentiment that attempts to take control of EURUSD as it plummeted further extending losses underneath the recent low level at 1.0768. Markets are now shifting their focus to today’s meeting of EU leaders in an attempt to decide on how to stimulate the bloc economy after the epidemic.

Key Levels
Resistance Levels: 1.1496, 1.1146, 1.0990
Support Levels: 1.0721, 1.0635, 1.0569

EURUSD Long term Trend: Bearish

EURUSD extends the bearish tone into the second half of the week, posting new monthly lows beneath the level of 1.0768. When the pace of selling gathers steam, therefore, the low YTD level at 1.0635 (March 23) might be the next appropriate target.

The downward risk is anticipated to dissipate a little in the 1.0990/1.1055 region on an excess of the earlier highs. The drop to level 1.0635 may then be seen as the 3rd step of the trend from level 1.0339. In the above scenario, the trend may be rendered bullish for the long-term level of 1.2555 to be retested.

EURUSD Short term Trend: Bearish

The four-hour EURUSD chart on Thursday leads to the downside as bears stay in the forefront and moving beneath 5 and 13 Moving Averages, as well as the downside, maintains the momentum. Support for the near term awaits at level 1.0721 since that is the low of April.

It is supported by level 1.0635, however, on the way south in March was a stepping-stone. Several other resistance is at a low level of 1.0812 of last week, followed by a level of 1.0852, the daily high where the inability to continue may lead to a loss that could pave the way for continuation to main support at a level of 1.0635 (new three-year low 23 Mar).

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.