EURUSD Daily Outlook - Wednesday was relatively light on the economic calendar and we found out that German factory orders were down in March and that the EU predicts the region will contract 7.4% this year in the worst economic shock since the 1930s.
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On Thursday we’ll be eyeing the UK consumer confidence as well as RBA’s statement on monetary policy.
Today I’m also looking at the EUR/USD pair which is once again approaching the lower band of its most recent range at around 1.077. On the 4-hour chart the pair has also broken below the Ichimoku cloud, however, so far, it looks like the current support level could fight to hold the pair from dropping any further. If the pair is able to break below 1.0750 this week, we could expect further drops towards 1.0654 in the coming weeks. Do you think the current support level will hold strong? Head over to the Comments section and let me know.
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