EUR/USD Faces Continued Downward Pressure on US Dollar Strength
Based on the provided information, the EUR/USD currency pair is trading in a negative territory and is poised for further declines in the short term.
The optimistic US ISM Manufacturing PMI in March lifted the US dollar (USD) and pushed the EUR/USD pair to weekly lows at 1.0730, with investors awaiting additional signals from the Fed official's speech later on Tuesday.
Technically, the EUR/USD pair maintains a downward outlook as it remains below the 50 and 100-period Exponential Moving Averages (EMA) on the 4-hour chart. The nearest key resistance appears near the convergence of the lower Bollinger Band boundary and the February 13th low of 1.0720. The next support levels are at 1.0660 and 1.0565.
On the upside, the 50-period EMA and recent highs in the 1.0800-1.0805 area act as immediate resistance. Additional upside barriers to watch for are the 100-period EMA at 1.0822 and the March 26th high at 1.0864.
In summary, with the current negative factors and downward prospects, the EUR/USD currency pair may continue its descent towards the mentioned support levels in the short term.
The optimistic US ISM Manufacturing PMI in March lifted the US dollar (USD) and pushed the EUR/USD pair to weekly lows at 1.0730, with investors awaiting additional signals from the Fed official's speech later on Tuesday.
Technically, the EUR/USD pair maintains a downward outlook as it remains below the 50 and 100-period Exponential Moving Averages (EMA) on the 4-hour chart. The nearest key resistance appears near the convergence of the lower Bollinger Band boundary and the February 13th low of 1.0720. The next support levels are at 1.0660 and 1.0565.
On the upside, the 50-period EMA and recent highs in the 1.0800-1.0805 area act as immediate resistance. Additional upside barriers to watch for are the 100-period EMA at 1.0822 and the March 26th high at 1.0864.
In summary, with the current negative factors and downward prospects, the EUR/USD currency pair may continue its descent towards the mentioned support levels in the short term.
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