EUR/USD Hits Intraday Low as Bears Target 1.1000 Amid US Dollar Strength and Sluggish Markets

[[EUR/USD]] reaches a new intraday low on Monday as bears target the 1.1000 round figures due to the broad strength of the US Dollar and slow markets resulting from holidays at numerous exchanges. Consequently, the Euro pair has been falling for three consecutive days, breaking the 200-bar Exponential Moving Average (EMA) and an ascending trend line from April 10.

The Euro pair’s inability to maintain the previous week’s rebound from short-term horizontal support, along with recent bearish signals from the MACD indicator, suggests that EUR/USD sellers are likely to stay in control. Currently, the major currency pair is dropping towards a horizontal support zone near 1.0960, which consists of multiple levels marked since April 25.

Nonetheless, a two-week-long ascending trend line around 1.0945 may pose a challenge to the EUR/USD bears. In contrast, a EUR/USD recovery could target the 1.1050 round figures before directing buyers towards a 12-day-long horizontal resistance area around 1.1065-70.

Subsequently, the recently established multi-month high of 1.1095 could entice Euro pair buyers before directing them towards the March 2022 peak near 1.1185.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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