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Home » The downside pressure surrounding the euro intensifies

The downside pressure surrounding the euro intensifies

GBPUSD may spend some more time in a consolidation mode before deciding on a clear direction

by Joseph Deen
April 1, 2020 10:44
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
EURUSD has accelerated the retreat on Wednesday. The pair has extended losses to the 1.0915 area, and it looks like the euro may threaten the 1.09 figure if the USD demand persists in the near term. The technical picture has deteriorated after a dip under the key moving averages on the daily timeframes, with downside risks persisting as long as the prices stay below the 1.1180 level, where a fairly strong resistance lies. The daily RSI shows a steeper bearish bias, suggesting the recovery potential is too weak at this stage to call a local bottom. 

GBPUSD
GBPUSD finished flat on Tuesday and continues to trade within a limited range today after several failed attempts to break above the 1.2470-1.2480 region. The pair may spend some more time in a consolidation mode before the sterling decides on a clear direction, with the technical indicators pointing to a neutral sentiment at the moment. On the one hand, the pair refrains from losses after a recovery, which is a positive sign. On the other hand, there are several resistance levels in the form of daily moving averages on the way north. In other words, the prices may face difficulties during further upside attempts, both in the short- and medium-term. 

USDJPY
USDJPY has been on the defensive for the fifth day in a row already. On Wednesday, the pair has found support around 107.20 and remains below the 20-DMA around 107.70. as long as the prices stay above the 107.00 handle, downside risks are limited. It looks like the dollar may start a recovery from the current levels as the daily RSI is neutral, as well as the moving averages. If so, the immediate resistance is expected at the above-mentioned 20-DMA and then at 108.30, where the 200-DMA lies. 

EURJPY
The cross plunged to two-week lows marginally above the 117.00 handle and remains under heavy selling pressure. The euro has been losing ground since the rejection from the levels above 121.00 last week. The technical picture on the daily charts has deteriorated substantially since then, and the negative bias in the daily RSI suggests the selling pressure may persist so far. In this scenario, the pair will slip under the 117.00 level, down to 116.80, or even lower. On the upside, the immediate resistance lies around 117.90.

NZDUSD
The Kiwi has been under pressure for the third day in a row, having dipped to nearly one-week lows around 0.5880 during the recent trading. The daily RSI and the 50-DMA both show a negative bias, suggesting the pair may suffer further losses and challenge the 0.58 handle if the prices fail to initiate a local recovery from the current levels. On the upside, the New Zealand dollar needs to regain the 0.60 level in order to retarget the 50-DMA that arrives at 0.6250. Important support comes around 0.5650. 

Tags: EURJPYEURUSDGBPUSDNZDUSDUSDJPY
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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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