8 Apr 2022 • Daily News • Less than a min

EUR/USD Wanes At Support Level

The currency pair faces renewed bearish pressure in Asia Friday with its price halting at the start of the daily support level. EUR/USD bulls are grappling with the US dollar’s six-straight-day rally.  

The Euro apparently continues to be dragged down by the ongoing pressure from European energy prices. USD’s 100 mark according to the DXY index is just around the corner, and this will also weigh on the euro.

Though a weekly resistance is seen in the dollar, its price could still go higher especially as markets settle on the concept of a much more aggressive Federal Reserve in the second quarter. If advances in the dollar index stall, a correction could be on the cards. 

*No information on this site is directed at nor does it intend to elicit citizens and/or residents of the USA, and is not intended for distribution to or use by any person in any jurisdiction where such distribution or use would be contrary to local law or regulation.

**Risk Warning: Trading leveraged products such as Forex may not be suitable for all investors as they carry a degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary seek independent advice.