The EUR/USD prices were closed at 1.08066 after placing a high of 1.08504 and a low of 1.08004. Overall the movement of the EUR/USD pair remained bearish throughout the day.
EUR/USD pair dropped on Monday and posted a fresh daily low of 1.0801. The downward trend of the EUR/USD pair was due to the strength of the US dollar. The US Dollar Index was up by 0.45% and was back to above 100.00, it was pushed by higher US yields on Monday.
On the data front, at 13:00 GMT, the Italian Industrial Production in the month of March showed a decline in production activity by 28.4% against the forecasted decline of 20.0%. It weighed on single currency euro and added in the downward track of EUR/USD pair.
Daily Technical Levels
Pivot Point: 1.0834
The EUR/USD price is trading slightly bearish below an immediate resistance level of 1.0823, which is extended by the 50 EMA. On the 4 hour timeframe, the 50 EMA is pushing the EUR/USD pair around 1.0820. Below this, we may see EUR/USD prices falling until 1.0777, while bullish breakout of 1.0850 can lead EUR/USD prices towards 61.8% Fibonacci retracement level of 1.0869 level.
Entry Price: Sell at 1.07954
Take Profit 1.07454
Stop Loss 1.08454
Profit & Loss Per Standard Lot = -$500/+$500
Profit & Loss Per Micro Lot = -$50/+$50