EUR/USD has reversed its direction following Tuesday’s decisive rebound. As FXStreet’s Ere Sengezer notes, sellers could take action if 1.05 support fails.1.05 aligns as key support level in the near-term
“In case Wall Street’s main indexes fall sharply after the opening bell, EUR/USD could stretch its daily slide in the second half of the day.”
“In case EUR/USD starts using the 100-period SMA on the four-hour chart, which is currently located at 1.0520 as resistance, it might test 1.05 (psychological level, Fibonacci 61.8% retracement of the latest decline).”
“A four-hour close below the 1.05 level could be seen as a bearish development and open the door for additional losses toward 1.0480 (Fibonacci 50% retracement) and 1.0450 (Fibonacci 38.2% retracement).”“On the upside, static resistance seems to have formed at 1.0550. EUR/USD needs to clear that hurdle to target the next static level at 1.0580 and 1.06 (psychological level) afterwards.”
EUR/USD tests 1.0500 after EU inflation data.EUR/USD stays on the back foot in the European session and tests 1.0500. The data from the euro area showed on Wednesday that the annual HICP was 7.4% in April, compared to the flash estimate and the market expectation of 7.5%. Meanwhile, the dollar benefits from the cautious market mood.
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Gold downside remains compelling below $1,821
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