• EUR/USD remains well on the defensive near 1.1800.
  • German, EMU flash manufacturing PMI remain strong in March.

EUR/USD is trading below 1.1850, near levels last seen in November 2020. The dollar benefits from upbeat US prospects while the eurozone is struggling with a sluggish vaccination campaign. Eurozone PMIs significantly beat expectations, allowing the euro to stabilize.

EUR/USD is under heavy selling pressure against the US dollar on Wednesday and has dropped below the previous 2021 trough of 1.1836, hitting a low of 1.1812 before bouncing. With momentum remaining to the downside on the four-hour chart and the Relative Strength Index holding above 30, bears remain in control.

The EUR/USD pair has also staged an important range breakout this morning after breaking under the 1.1835 level. According to the size of the range breakout, the EUR/USD pair could be headed towards the 1.1680 level.

Immediate support awaits at 1.1812, followed by 1.1750 and 1.1690 last seen in November. Resistance is at 1.1875, a cushion from recent days, followed by 1.1910 and 1.1950.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.