The euro prices fluctuated during trading today, Friday, to trade near the lowest level recorded yesterday, and this came in light of the lack of cash liquidity in the financial markets resulting from public holidays in most of the world’s markets
The Eurodollar traded at the level of 1.0618, and it recorded the highest level at 1.0625 and the lowest level at 1.0610, and it opened today's session at the level of 1.0617.
This fluctuation is due to the strength of the US dollar, which led to a decline in the euro's gains during this week's trading
A limited decline in the US dollar trading today
The US dollar declined during today's trading, as a result of the negative data released today and the lack of trading volume in the financial markets
The US dollar index fell against most of the major currencies, to record the lowest level at 100.37, and today's session opened at the level of 100.56, and the highest level was recorded at 100.61
Today, the US economy released data on the Consumer Price Index, bringing the reading down at a rate of 0.3% during the month of March from a rise of 0.1% and expectations had indicated a rate of 0.0%, and the retail sales index for the month of March decreased by a rate of 0.2% from a previous rise of 0.11 TP2T to match expectations value
The US dollar’s selling rose during today’s trading, reversing its gains recorded yesterday, to conclude with a decline at the level of the week, after two weeks of realizing gains.
EURUSD Technical Analysis
The euro against the US dollar is trading at the level of 1.0625, where the price rebounded to the upside after it failed to breach the support level in conjunction with the presence of the Fibo line 23 as shown in the graphic.
Trading is now taking place at the level of the simple moving average indicator line, as both the MACD and the Stochastic Skeleton indicator show a positive crossover towards the bullish trend on the four-hour time frame.
Therefore, the price is expected to continue the bullish trend to target the level of 1,0650 in the near term, in conjunction with the presence of the Fibo line 38