ADS Securities’ team of analysts provide April EURUSD weakness hints, as investors eye PMI data coming from the Eurozone. What is your forecast?
5 April, ADS Securities – The EURUSD pair posted mild gains for the second successive session yesterday as retail sales in the Eurozone rose at its fastest pace in four months in February and came in higher than market anticipations.
April EURUSD weakness hints
Early today, the pair witnessed an EMA 55 crossover from below, indicating the presence of bullish momentum in the coming session. However, currently the pair is trading with a negative showing, hinting at weakness in the coming session. Moreover, a potential breach below the EMA 55 might continue the bearish trend. Today, investors would keep an eye on the services PMI data of the Eurozone and Germany.
Key support is seen at the 1.0670 level, followed by the 1.0665 and 1.0660 levels. A breach below the latter might trigger downside momentum in the pair. On the flipside, key resistance is placed at the 1.0675 level, followed by the 1.0680 and 1.0690 levels.
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