EURUSD Tumbles Further Towards the 1.1000 Level With the Market in Risk-Off Mood


EURUSD Price Analysis – March 30

The market began in a risk-off mood this week with Asian shares declining and European indices following its path. The EURUSD pair trades at daily lows, close to the level of 1.1010, as the dollar is in recovery mode amid collapse at the end of the previous week.

Key Levels
Resistance Levels: 1.1495, 1.1285, 1.1172
Support Levels: 1.0000, 1.0779, 1.0635

EURUSD Long term Trend: Ranging

EURUSD proceeds moving lower at the start of the week and is now losing nearly a cent from earlier highs of around 1.1146 to present levels of 1,1010.

In the larger context, the entire downtrend from 1.255 (high) level is already in progress as long as 1.1495 resistance level stays. The next aim is a level 1.0635 (low) level. A consistent break of 1.1495 level, although, may suggest that such a downward trend has been accomplished.

EURUSD Short term Trend: Ranging

The 4-hour chart suggests that EURUSD has plummeted below its moving average of 5 and 13, but also that the moving average of 13 appears to converge at around 1.1055 level with the moving average of 5.
EURUSD intraday bias is rendered neutral with 4 hour RSI flowing downwards.

On the upside, a significant break of 61.8 percent of 1.1495 to 1.0635 retraction at 1.1172 levels may advance the potential of a larger trend reversal and shift the emphasis to 1.1495 main resistance level. On the downside, a break of 1.0950 lower support level may, instead, alter bias back to the downside to retest 1.0635 lower level.

Instrument: EURUSD
Order: Sell
Entry price: 1.1095
Stop: 1.1146
Target: 1.0950

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.