- Summary:
- EURUSD returns to unchanged level in a high volatile session. The pair rebounded in early Asian session from April 2017 lows. Liquidity injections from
EURUSD returns to unchanged level in a highly volatile session. The pair rebounded in early Asian session from April 2017 lows. Liquidity injections from central banks improved investors sentiment during the European session, and the euro managed to bounce against the greenback.
ECB announced yesterday to buy bond’s up to 750 billion companies and government debt across the eurozone. Christine Lagarde said they would remove the self-imposed limits to its bond purchases, while there are talks to issue some corona bonds by the ESM.
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EURUSD Technical Outlook
EURUSD is 0.14% higher at 1.0705 as the pair retreat from daily highs after a strong rally during the morning European session. The technical outlook is bearish, and lower levels are on the cards. What can cancel the bearish momentum is a close above the 50-day moving average at 1.1019.
On the upside, initial resistance for EURUSD stands at 1.0831 the daily top. A break above will meet the next resistance at 1.0988 the high from yesterday’s trading session. The next resistance is at 1.1019 the 50-day moving average.
On the flip side, first support for the pair stands at 1.07 psychological mark. Next support would be met at 1.0684 the low from April 21, 2017. More bids might emerge at 1.0652 the daily low.