Meanwhile, today at the time of writing, the euro-dollar exchange rate is 1.07346 while the US dollar index remains firm at 104.965. The bearish pressure on Fibre could continue at any time.
Forecasts on the euro-dollar exchange rate
The euro-dollar exchange rate remains under strong pressure and any recovery attempt will have to deal with the intermediate resistance of 1.075 and the main resistance of 1.08, on which the three most relevant EMAs at 50, 100 and 200 days coincide.
For tomorrow’s weekly close, a minimum bullish stimulus would be guaranteed by overcoming the first resistance at 1.075, while reaching the second target could prove to be an overly ambitious undertaking.
Even slight recovery attempts could in fact clash with renewed bearish pressure capable of extending beyond the supports of 1.07 and 1.068, towards new relative lows. As already mentioned in previous analyses, the main medium-term bearish objective is represented by the annual lows marked on 16 April, at 1.06 rounds.
Today’s economic calendar
Today’s economic calendar starts with the producer price index in Germany and continues with the consumer confidence climate in the Eurozone.
From the USA, pay attention to initial requests for unemployment benefits.
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