Home Forex News EUR/USD Hits a Fresh 7-day Low Due to Lack of Intraday Traction

EUR/USD Hits a Fresh 7-day Low Due to Lack of Intraday Traction

EUR/USD experiences a freefall in the intraday as it nosedives as low as 1.077 on the half-hourly chart. The pair is experiencing an intraday extremity after marking a 7-day high at 1.089 in yesterday’s trading session. However, Euro experienced a steep dip and closed the trading around 1.082.

The pair has lost steady support from the 50-day and 200-day MA after yesterday’s steep rejection and loss of traction in the intraday. With this, the technical indicator assigned has hit the selling zone and rose with a fine rebound, round the press time. If the price of Euro falls even further, we are likely to have a double bottom around 1.076 in the given 7-day duration.

EUR/USD price chart

On the half-hourly chart, the Euro is seen weakening against the greenback and has a notable loss of momentum. Towards the second half of the week, the pair is seen losing a substantial percent just like the previous week’s fall.

EUR/USD now holds major weekly support at 1.078 as the US Dollar strengthens against the Euro. Moreover, the main currency appears weaker because of the growing number of Coronavirus cases amidst the few relaxations given in the lockdown.

The major support to watch out for lies at 1.0780 and the major resistance lies at 1.082, which happens to be the current day’s low and yesterday’s closing price, respectively.

Felicia Learned
Felicia Learned
Felicia well-known for her writing skills works as a content writer lead in our team. She also has a deep interest in forex, Finance & cryptocurrency funds and guides people dealing with a cryptocurrency exchange. She loves reading finance blogs in her free time. For any issues, you can contact her through email: felicia@forexnews.world.

Must Read

Following The Success Of Covesting’s First Five-Star Trader

Weeks ago, a challenge was put out amongst the trading community: try to become the first five-star Covesting trader. At the time, the feat...

THINK OF AD WORLD: THINK OF GLADIO.COM

From how to look, what to wear, what to eat, what to drive, almost everything in our lives is taken care of. That is...

Coinitix Makes it Possible for Users to Buy Bitcoin Using Credit Cards

People interested in investing in cryptocurrencies always felt a void when using credit cards to buy Bitcoins through a secure exchange. But now, things...

Export Retention Standardized for All Sectors by RBZ

The Reserve Bank of Zimbabwe announced on August 21 that it had set the threshold for foreign currency retention at 70% for all exporters....

Bitmax confirms that COTI is available for Fiat purchase

COTI is the 1st blockchain protocol in the world that has been optimized for decentralized payments. It has been specifically designed to be used...