With French elections taking place next month, Le Pen victory might drag down the EUR. As of now, ADS Securities analysts see Bearish EURUSD below 1.0780.
29 March, ADS Securities – The US Dollar posted considerable gains against the Euro in the last session and ended at 1.0812 after the consumer confidence index in the US surprisingly rose in March to the highest level in more than 16 years.
Bearish EURUSD below 1.0780
As of now, the pair is trading with a mild bearish tone on the 1H chart, hinting at the weakness in the coming session. Also, the MACD indicator is trading in its negative territory, further verifying the above view. Key support is seen at the 1.0805 level, followed by the 1.0790 where EMA 200 is trading and 1.0780 levels. A breach below the latter might trigger further negativity in the pair. Conversely, the key technical obstacle is located at the 1.0825 level, followed by the 1.0840 where 55 EMA is placed and 1.0850 level. A surge above the latter is required to lessen the bearish pressure.
Conversely, the key technical obstacle is located at the 1.0825 level, followed by the 1.0840 where 55 EMA is placed and 1.0850 level. A surge above the latter is required to lessen the bearish pressure.
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