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23.03.2021 04:55 PM
EUR/USD has extended its falls below 1.19 amid rising coronavirus concerns in the EU. Germany's Merkel confirmed an extension to the lockdown until April 18. The US dollar firms up amid worsening market mood, as the focus shifts to Powell's testimony.
From a technical perspective, the outlook for EUR/USD rates remains skewed to the upside, as prices consolidate above the sentiment-defining level (1.1850) and former trend resistance-turned-support
extending from the 2008 highs.
However, with price tracking below the RSI hovering below its neutral midpoint, a more extended push lower is hardly out of the question.Nevertheless, if the exchange rate can gain a firm foothold above the (1.1940) on a daily close basis, an impulsive surge to challenge the February high (1.2190) could be on the cards.
On the other hand, sliding back below 1.1900 could intensify short-term selling pressure and generate a retest of the monthly low (1.1835).
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