The Euro pair has changed its behavior to the upside from the previous week. ADS Securities’ analysts now see a Bullish EURUSD above 1.0705.
3 April, ADS Securities – On Friday, the Euro weakened for the fourth consecutive session against the US Dollar and settled at 1.0649, after the Eurozone witnessed an unexpected drop in its core inflation in March.
Bullish EURUSD above 1.0705
As of now, the EURUSD pair is trading with an upside tone, ahead of the Eurozone unemployment data to be released later in the day. Moreover, a recent signal line crossover from below by the MACD further confirms the above view.
Key resistance is situated at the 1.0690 level, followed by the 1.0700 where EMA 55 is trading and 1.0705 levels. A sustained break above the latter is required to negate further bearish momentum in the pair. On the other hand, key support is located at the 1.0665 level, followed by the psychological 1.0650 and 1.0640 levels.
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