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EURUSD trades sideways after sharp drop
EURUSD had been in a steady recovery from its 2024 bottom of 1.0693, advancing to as high as 1.0980 on March 8. However, the pair’s rebound was rejected after a temporary jump above the Ichimoku cloud, with the short-term oscillators deteriorating significantly but holding above their neutral zones. Should the recent weakness persist, the price could fall below both its 50- and 200-day simple moving averages (SMAs) and test the February-March support of 1.0795. Sliding beneath that floor, the price may descend towards the December bottom of 1.0722. Even lower, the 2024 low of 1.0693 could provide downside ... (full story)