EUR/USD fails to keep up the momentum and appears bearish in the 2^nd half of the day after marking an intraday high at 1.081. However, it failed to regain support from the 200-day MA that lies around 1.082 and retain 50-day MA at 1.080. The pair has marked a low at 1.078 since the opening hours until the time of writing, and it is the immediate support to look for, followed by 1.077.

EUR/USD Forecast

The price trend of the pair below 38.20% Fib Retracement level and this is due to the weakening of the Euro against the greenback on the intraday chart. Moreover, the pair has lost a steady momentum from a weekly high of 1.0896 due to bullish to bearish trend revision.

Moreover, as the United States allows relaxation amidst the lockdown due to the global Pandemic, DXY was has hit a 3-week high above 100. However, the base currency here is seen as losing the intraday momentum to have a steady trade. Over the past two days, the EUR/USD is seen consolidating below 38.20% to a major extent.

The pair lost the 200-day MA support after the pair dipped below 1.083 and failed to rise over the past two days. With the closing of the week, Euro is drawing a bearish picture against the US Dollar, until the press time. Additionally, 1.083 is the major resistance for the pair gin order to revive back the lost traction and regain 200-day MA support.