Home Reviews EUR/USD Gains Intraday Momentum & it Rises Above 1.08

EUR/USD Gains Intraday Momentum & it Rises Above 1.08

EUR/USD rebounded from an intraday low of 1.07 to trade at 1.084, at the press time. However, it fails to regain 50-day and 200-day MA support as the price still oscillates below 1.085 trading zone. On the lower end, the immediate and weekly support lies at 1.072, and the monthly support awaits at 1.063, which last happened during the global market crash in the month of March when the Coronavirus Outbreak was taking the toll across the globe.

EUR/USD Price Chart

On the 4-hourly chart, Euro is giving consecutive lower highs due to lack of traction and recently lost support in the intraday against the US Dollar. The near-term resistance lies at 1.09, which can much of an intraday target if the pair continues with the gaining momentum and draws a winning streak as compared to the previous week’s trend.

With the relaxation given amidst the lockdown due to the Pandemic, US Dollar is gaining its charm back, yet the economy is still away from even a moderate recovery. The technicals draw an intraday relief as the RSI rise from the selling zone and are currently at 50.39.

David Pender
David is a journalist interested in writing news-stories regarding forex. He has been in forex industry since 2014. he recently, joined our team as a news writer. He studied mass communication and has 7+ years of experience. He is an avid trader. He can be reached by email: david@forexnews.world.

Must Read

4 Easy Steps to Master the Art of Trading

Newcomers should develop some basic knowledge about the market so that they can be able to take the right step in the right position....

Building Healthy Money Habits in the Trading Profession

Trading has become a global profession in contemporary times. People are becoming more self-conscious about money as the world has fallen due to the...

IOTA Coin – Future and Predictions

Introduction to IOTA Coin IOTA is a dispersed ledger structured to record and implement transactions between machines and devices on the Internet of Things (IoT)...

Super Lottery: NordFX Gives Away 100,000 USD to Traders

The $100,000 Super Lottery was launched by the brokerage company NordFX among its clients on April 1. The name speaks for itself: 100 cash...

Is Zcash Still a Better Option Than Monero and Dash?

Transaction data of most cryptocurrencies like Bitcoin are distributed on a public ledger that anyone can view. It is the rising concern over the...