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  • 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 – www.instaforex.com

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