EURUSD: The Level 1.07 will be the next target!

1 Nis

The analysis on EUR/USD shows a strong bearish pressure that led the cross to touch its lowest level since mid-February, dropping below the level of 1.0750. The daily chart indicates that EUR/USD is confined within a 20 pip range below the level of 1.0803, which corresponds to the 61.8% Fibonacci retracement of the previous rally from 1.0694 to 1.0981. In the 4-hour chart, the 20-period SMA is moving downwards above the current level while below the longer moving averages, further confirming the bearish trend. The current session is characterized by a lack of significant events, with EUR/USD oscillating around the level of 1.0780 due to the Easter holidays, which have made Asian and European markets quiet. In Asia, the Japanese Nikkei 225 recorded a decline due to a negative report on business sentiment, while Chinese stocks saw an increase following better-than-expected economic data. Overall, I expect a rebound at the level of 1.088, where trendline intersections may occur, leading to a decline towards the 1.07 zone. Best wishes and happy trading to all.