Level Technical Significance

1.1378 Daily High May 7

1.1336 Daily High May 8

1.1293 Daily High May 9

1.1242 Daily High May 12

1.1118 ==Update Price==

1.1019 38.2% Fibo 1.0125-1.1572

1.1000 Psychological Level

1.0943 Daily Low Apr 10

1.0880 Daily Low Apr 7

Strategy Sell @ 1.1195

Current Position Flat @ 1.0870

Target: Stop:

Open/Close 03-Apr-25

EUR/USD registered the biggest one-day drop since November 2024, on Monday, highlighting the near-term bearish sentiment. Also note fourteen-day momentum remains negative. The focus is now on the 1.1019 Fibo, a 38.2% retrace of 1.0125 to 1.1572 2025 (EBS) rise, a break and daily close below which would lead to a much deeper drop. We are looking to get short at the 1.1195.

Daily Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)