Current trend

EUR is trading within a downward trend. The nearest important resistance is at the level of 1.1208. In case of its breakdown, the next target will be the renewal of the previous minimum at the level of 1.1180.

EUR, like GBP, is under pressure due to unclear conditions regarding Brexit. Last Friday, the British Parliament rejected the agreement and plan for leaving the EU, developed by Teresa May, once again. If the UK does not provide Brussels with an approved project, then on April 12, it will leave EU without a deal, which will have a negative impact on the exchange rates of both countries’ currencies. In order to find a way out of the crisis situation, EU officials are planning to hold an early summit on April 10 but, as most political observers believe, the likelihood of exit without a deal is extremely high.

Today, in Germany and France PMI and March EU CPI will be released. However, most traders who are concerned about the impending recession in the United States are waiting for the publication of a report on the labor market on Friday. It is predicted that the number of new places will increase by 175K.

Support and resistance

Stochastic is at 37 points and does not give signals to open trading positions.

Resistance levels: 1.1279, 1.1335.

Support levels: 1.1208, 1.1180.

Trading tips

Short positions can be opened after the breakdown of the level of 1.1180 with the target at 1.1142 and stop loss 1.1200.

Euro vs US Dollar

BuySellSpread
1.124661.1244521

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point1.1175
Take Profit1.1142
Stop Loss1.1200
Support levels1.1180, 1.1208, 1.1279, 1.1335
EUR/USD: general analysis

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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