Euro ends the week in the red, trades near 1.0800 figure

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Euro ends the week in the red, trades near 1.0800 figure

by Stephen Innes 24.04.2020

EUR/USD hits fresh April lows this Friday and hits 1.0727 level.
EUR/USD gets a small bounce to 1.0800 figure at the end of the week.

EUR/USD weekly chart

Euro/Dollar is trading below the main weekly SMAs as the quote established fresh April lows at the 1.0727 level.

EUR/USD four-hour chart

EUR/USD is having a small reaction up while the spot remains below the main SMAs suggesting that the bear bias remains in place. Sellers should be trying to break below the 1.0800 figure to revisit the 1.0750 level en route towards the 1.0717 level. On the flip side, resistance can emerge near 1.0850 and 1.0900/25, according to the Technical Confluences Indicator.

Resistance: 1.0850, 1.0900, 1.0925

Support: 1.0800, 1.0750, 1.0717

Additional key levels

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Stephen Innes

With more than 25 years of experience, Stephen has a deep-seated knowledge of G10 and Asian currency markets as well as precious metal and oil markets. He is regularly called upon by leading TV, radio and print publications to offer my views on the financial markets. Stephen appears extensively on global news channels such as Bloomberg, BBC, Reuters, CNBC, Sky TV, Your Money, Channel News Asia, CNN, France 24 and ASTRO Awani. As well as published in prestigious publications, the New York Times, Wall Street Journal and The Economist, among others.

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Euro ends the week in the red, trades near 1.0800 figure

EUR/USD weekly chart

EUR/USD four-hour chart

Additional key levels

Stephen Innes

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