- EUR/USD is consolidating below the 1.0850/80 resistance zone.
- The level to beat for bears is the 1.0780 support for a test of the 2020 lows.
EUR/USD daily chart
After a steep selloff in early March, EUR/USD is consolidating near 37-month lows as the Fed announced, this Monday, its largest stimulus package ever. The Quantitative Easing (QE) can be basically limitless. “The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions,” the Fed stated.
EUR/USD four-hour chart
Resistance: 1.0850, 1.0880, 1.0950
Support: 1.0780, 1.0723, 1.0665