EURUSD Impulsive Bearish Pressure is currently Breaking below 1.0920 support area again. USD regains impulsive momentum while EURO struggles. Let’s check EURUSD Technical Analysis for more levels and insights.
March 18, 2020, | AtoZ Markets – EURUSD is currently quite impulsive with the Bearish pressure which is leading the price below 1.0920 area. As EURO struggles to maintain momentum amid Coronavirus situation, USD regained without any retrace since it rejected from 1.1500 area.
Coronavirus (COVID-19) has already damaged most of the economies around the world. Italy is currently facing the most devastating period of all time as the death toll is rising every day. As Italy is one of the important economy of Eurozone, the Coronavirus effect made the EURO to struggle further against USD in the process.
On the other hand, U.S. Wall Street has seen another day of massive decline in stock prices. S&P 500 has gone down by 92 points today whereas the SPDR S&P 500 ETF plunged by 6.3%. Investors are currently in fear of a deep recession in the making. Despite the worse Wall Street reports, USD managed to regain momentum over the EURO which may extend further until Italy situation gets better.
EURUSD Impulsive Bearish Pressure May Take the Price to 1.0780
EURUSD has been impulsive and non-volatile with the recent Bearish pressure since the price rejected near 1.1500 area. Currently, the price is heading lower breaking below an important support level at 1.0920 area.
image: EURUSD Daily Chart
According to the EURUSD daily chart, the price is currently quite impulsive with the Bearish momentum while breaking below the Support Zone between 1.0920 to 1.10 area. The MACD lines have recently crossed each other above 0.00 area signalling further down move in the making.
EURUSD Bulls May Jump in Before the Price Hits 1.0780
Though the price is heading lower, it is still indecisive whether the price may reach 1.0780 support in the coming days. As Coronavirus affected the EURO, it lost significant momentum against USD but currently U.S. Stock market and economy is also taking the dig. So, Technically, the price may head lower towards 1.0780 area and from there Bulls may intervene but it is still indecisive due to the critical COVID-19 situation in existence.
To Conclude, EURUSD may head lower towards 1.0780 area but for that a break below 1.0920 with a daily close is required. Market is still indecisive and may react out of context as COVID-19 impacts the global economy.