(VIANEWS) – On Tuesday, the euro plunged quite hard as it is now nearing the 1.06 handle. It is the area at the bottom of an earlier consolidation zone. So whether it can hold for support will be critical. There should be some selling opportunities at this stage, and the 1.08 level may offer a little bit of a ceiling in the short term.

The longer-term analysis shows how bearish euro is right now. With the European Central Bank unable to make any aggressive tightening policy decisions, it’s difficult to see a situation where euro takes off.

Any rally at this stage will be a good opportunity for traders to start shorting when exhaustion is apparent. The 50-day EMA indicator is currently at 1.0982 and falling.

The Federal Reserve wants to significantly tighten its monetary policy, which is why this currency pair has been showing some interest. There is more to it than that. The US dollar is the safest currency and is often the place where people go when they have concerns about the world economy.

Market volatility has been a constant theme and that will continue into the future. The market is in a situation where there is no clear path to positive outcomes. Therefore, traders are continuing to favour the greenback. I believe that will continue amid inflation fears and the global economic slowdown.

EUR/USD (EURUSD) is currently on bullish momentum. At 04:06 EST on Friday, 29 April, EUR/USD (EURUSD) is at 1.0571, 0.6554% up since the last session’s close.

EUR/USD (EURUSD) Range

About EUR/USD’s daily highs and lows, it’s 0.724% up from its trailing 24 hours low of $1.05 and 0.619% up from its trailing 24 hours high of $1.05.

EUR/USD’s yearly highs and lows, it’s 0.936% up from its 52-week low and 13.826% down from its 52-week high.

Volatility

EUR/USD’s last week, last month’s, and last quarter’s current intraday variation average was a negative 0.62%, a negative 0.17%, and a positive 0.43%, respectively.

EUR/USD’s highest amplitude of average volatility was 0.62% (last week), 0.43% (last month), and 0.43% (last quarter), respectively.

Forex Price Classification

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, EUR/USD’s Forex is considered to be overbought (>=80).

Last news about EUR/USD (EURUSD)

  • Eur/usd price analysis: recovery remains capped below 1.0746. According to FXStreet on Tuesday, 26 April, “As observed on the daily chart, EUR/USD breached the critical falling trendline support at 1.0746 amid Monday’s meltdown to the lowest level in two years at 1.0696.”
  • Eur/usd rebounds from five-year low towards 1.0550 ahead of eurozone gdp, US PCE inflation data. According to FXStreet on Friday, 29 April, “It’s worth noting that the Eurozone GDP is likely to improve to 5.0% YoY versus 4.6% prior, per the seasonally adjusted Q1 2022 figures, which in turn shows a better number than the US and hence may favor the EUR/USD rebound. “, “On other hand, the Fed’s preferred inflation gauge, from the US Core Personal Consumption Expenditures Price Index for March, expected to ease to 5.3% YoY versus 5.4% prior, will also be important to watch for near-term EUR/USD directions.”
  • Eur/usd could reach parity amid an energy war – MUFG. According to FXStreet on Wednesday, 27 April, “Yesterday’s price action in EUR/USD saw a breach of the covid pandemic low of 1.0636 with the next downside target the early 2017 low of 1.0341.”, “Talk of EUR/USD reaching and possibly breaching parity even just a few weeks ago seemed a tall order but the declines now on this potentially damaging development means such a scenario is no longer such a tall order.”
  • Eur/usd price analysis: rebounds from five-year lows, downside remains favored. According to FXStreet on Wednesday, 27 April, “The EUR/USD pair is drifting lower firmly from the last four trading sessions after failing to sustain above the psychological resistance of 1.0900. “, “On the weekly scale, EUR/USD is oscillating around March 2020 low at 1.0636 after a sheer downside momentum from May 2021. “
  • Eur/usd remains vulnerable near 1.0500 ahead of German inflation, US GDP. According to FXStreet on Thursday, 28 April, “The US dollar strength remains the dominant underlying theme, which continues to exert bearish pressure on the EUR/USD pair. “, “Tensions surrounding the EU-Russia energy crisis have had a significant downside impact on the euro a day before, accentuating the decline in EUR/USD to five-year lows near 1.0510.”

More news about EUR/USD (EURUSD).

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