EUR/USD: The euro held at an eight-week high against the
dollar on Monday despite a disillusioning opinion overview in Germany as
assumptions that U.S. Central bank will keep up its hesitant position at next
policy meeting burdened the greenback. German business confidence
improved less than expected in April as a third wave of COVID-19 cases and
issues with supply of parts in the industrial sectors appeared to slow economic
recovery in Europe's biggest economy.
Technical Analysis
The pair continues to trade above the 50-day moving average
with positivity on momentum indicators. The pair could not rise above 1.21163,
but the pair maintains its bullish chances steadily above 23.6% Fibonacci
1.20189, so we do not prefer buying from the current levels and waiting for
some corrective reversal towards 1.20189 before buying
Below 23.6% Fibonacci cancels the bullish scenario
temporarily and pushes the pair towards 38.2% Fibonacci 1.19586
The trading range today is 50 pips
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