- EUR/USD Price Analysis: Increasing bets for a drop to the April low
Market news
18 May 2023
EUR/USD Price Analysis: Increasing bets for a drop to the April low
- EUR/USD extends the bearish move and challenges 1.0800.
- The loss of the round level puts the April low at 1.0788 on the radar.
EUR/USD accentuates the selling bias and trades just pips away from the key support at 1.0800 on Thursday.
The 1.0800 area appears supported by the temporary 100-day SMA (1.0804) and the loss of this region could trigger a deeper retracement to, initially, the April low at 1.0788 (April 3). Further south emerges the March bottom of 1.0516 (March 15).
Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0462.
EUR/USD daily chart
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