EUR/USD: Further Weakness Expected
Yuri Papshev | Mar 29, 2021 07:04AM ET
Today is the start of the last week of the month and quarter. Large options expire on Wednesday, Mar. 31, Easter holidays begin on Thursday-Friday, and data on the US labor market will be released on Friday. Therefore, an increase in volatility should be expected in the market in the coming days.
Meanwhile, the euro continues to weaken under the pressure of the difficult situation with the coronavirus. The number of new infections continues to rise in almost all major countries of the Eurozone. Against this background, the issue of introducing vaccination certificates and extending lockdowns in a number of European countries is increasingly being raised.
In general, the situation is in favor of a further fall in the EUR/USD pair. Currently, it is traded in the zone below the key long-term level 1.1835, at the support level 1.1780. A breakdown of the support level 1.1780 will strengthen the negative dynamics of EUR / USD and direct it towards the support levels 1.1600, 1.1550.
h2 Trading Recommendations/h2Sell Stop 1.1755. Stop-Loss 1.1855. Take-Profit 1.1700, 1.1600, 1.1550, 1.1285
Buy Stop 1.1855. Stop-Loss 1.1755. Take-Profit 1.1915, 1.1959, 1.1990, 1.2055, 1.2070, 1.2100, 1.2180, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600
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