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Home » The euro plunged to 2017 lows after failed recovery attempts

The euro plunged to 2017 lows after failed recovery attempts

EURGBP briefly rallied to fresh eleven-year highs but was rejected from the 0.95 psychological level

by Joseph Deen
March 19, 2020 10:26
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD 
After failed attempts to get back above the 1.10 handle, the sell-off has accelerated on Thursday and took the common currency to three-year lows at 1.0725. The pair bounced after the initial dip but remained deeply in the negative territory, with downside risks persisting, at least in the short term. The daily RSI is pointing lower but hasn’t reached the oversold conditions just yet, suggesting the pair may see further losses and get back below the 1.08 level by the end of the day. Moreover, the euro broke down the symmetrical triangle on the daily timeframes, which is a bearish signal as well. 

GBPUSD
GBPUSD has settled around 1.16 after earlier attempts to revisit multi-year lows around 1.1450 registered on Wednesday. Despite the current signs of stabilization, bearish risks still prevail, and the prices will hardly be able to stage a decisive rebound from the current levels any time soon. On the other hand, the daily RSI shows just a modest downside bias, suggesting the selling pressure may ease down the road and thus prevent a deeper plunge to 1.14. on the weekly timeframes, the RSI is about to enter the oversold territory while the key moving averages are pointing slightly downwards. 

USDJPY
USDJPY has exceeded all the key daily moving averages on the way to fresh March highs registered at the 110.00 handle on Thursday. The pair is forming a symmetrical triangle in the daily charts, suggesting the rally may be extended to 111.00 in the near term. Also on the positive side, the daily RSI is just marginally above the neutral zone and has enough room on the upside. In the near term, the 110.00 area may act as a local resistance that will prevent the pair from a daily close at the upper limit of the extended range. In case of a bounce, the dollar will likely attract demand again and target fresh highs in the days to come. 

USDCHF
The pair jumped to nearly four-week highs above 0.98 today and has retreated to 0.9750 afterward. As a result, the dollar has settled between the 50- and 200-SMAs in the daily timeframes and could be trapped in this range for some time. The above-mentioned highs coincide with the 200-DMA and thus may act as a local resistance on the way towards the 1.00 figure last seen in November 2019. At this stage, the bulls make take a pause before another ascent takes place. On the downside, the initial support now lies around 0.97. 

EURGBP
The cross briefly rallied to fresh eleven-year highs but was rejected from the 0.95 psychological level. As a result of profit-taking, the pair turned red on the daily timeframes and got below 0.93. However, EURGBP remains strongly bullish and well above the key moving averages in a wider picture. On the other hand, the daily RSI has reversed south in the overbought territory, suggesting the current bearish correction could extend in the short term. Anyway, the upside risks prevail as long as the pair stays above the 0.90-0.89 region. In the weekly charts, the technical picture remains bullish. 

Tags: EURGBPEURUSDGBPUSDUSDCHFUSDJPY
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Joseph Deen

Joseph Deen

Joseph is a technical analysis expert. A graduate of NYU, Joseph has a master's degree in mathematics. On FWNews, Joseph provides exchange rates reviews and forecasts.

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