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Forex News

Euro grinds up in mid-1.0900s on Good Friday

  • EUR/USD is moving up slowly on Good Friday’s low volatility. 
  • Resistance is seen in the 1.0978/1.1000 price zone.   

 

EUR/USD daily chart 

 

EUR/USD is rebounding from the 1.0800 figure while trading below its main SMA (simple moving average) on the daily chart. This week, the Fed announced the injection of $2.3 trillion in additional loans while US jobless claims soared above 6.6 million.

 

EUR/USD four-hour chart

 

EUR/USD is consolidating below the 200 SMA suggesting a bearish bias in the medium term. However, the spot is grinding up while nearing the 1.0978/1.1000 resistance zone. Further up lie the 1.1050 resistance. Sellers, on the other hand, would need a daily close below the 1.0910 support level to gather traction towards the 1.0890 and 1.0842 price levels, according to the Technical Confluences Indicator.  

 

 

Resistance: 1.0978, 1.1000, 1.1050

Support: 1.0910, 1.0890, 1.0842 

 

 

Additional key levels

 

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