EUR/USD: Euro extends its losses in the morning session


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR declined 0.36% against the USD and closed at 1.0809.

The US dollar strengthened against its major peers, as fears of a potential resurgence in global coronavirus cases increased demand for the safe haven asset.

In the Asian session, at GMT0300, the pair is trading at 1.0800, with the EUR trading 0.08% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.0773, and a fall through could take it to the next support level of 1.0747. The pair is expected to find its first resistance at 1.0838, and a rise through could take it to the next resistance level of 1.0877.

With no macroeconomic releases across the Euro-zone today, traders would look forward to the US NFIB small business optimism index, monthly budget statement and the consumer price index, all for April, slated to release later today.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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