The EUR/USD pair trades with a softer tone on Wednesday, hovering around the 1.0820 mark and still confined to a tight intraday range.
EUR/USD Current price: 1.0818 Stock markets trade mixed ahead of Wall Street’s opening, with US futures ticking higher. The Eurozone reported March Consumer Confidence remained steady at -14.9. EUR/USD bearish case became more evident in the near term.
EUR/USD short-term technical outlook The EUR/USD pair nears its weekly low ahead of Wall Street’s opening, and the daily chart shows an increased bearish potential. Sellers rejected intraday advances at around the 50% Fibonacci retracement of the 1.0694/1.0981 rally at 1.0835, with the level reinforced by a directionless 200 Simple Moving Average . Meanwhile, the 20 and 100 SMAs hover around the 38.2% retracement of the same rally at 1.
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