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Euro To Dollar Exchange Rate Today: Indecisive in advance of EU ministers' meeting

15:50 | 09/04/2020

Euro To Dollar Exchange Rate Today April 9 is turning indecisive as the European Union finance ministers struggle to accord on a coronavirus economic rescue package.

euro to dollar exchange rate today indecisive in advance of eu ministers meeting Euro to dollar exchange rate is seen trading 0.7 pct higher
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euro to dollar exchange rate today indecisive in advance of eu ministers meeting
EUR to USD chart (Photo source: Tradingview)

Euro to dollar exchange rate today April 9 closed at 1.09. Euro to dollar exchange rate today is lacking a clear directional bias as the European Union finance ministers struggle to agree on a coronavirus economic rescue package.

According to FX Street, the spot suffered moderate losses on Wednesday, as Spain reported the highest daily increase in coronavirus cases deaths in four days. Meanwhile, the European Central Bank (ECB) said they have obligation to keep rates low for a long period of time while leading Germany economic forecast institutes see the economy shrinking as much as 10% in the second quarter. That likely added to bearish pressures around the single currency.

euro to dollar exchange rate today indecisive in advance of eu ministers meeting
EUR to USD stats (Photo source: XE.com)

However, while the euro vs dollar exchange rate declined, it still traded well within Wednesday's trading range on Monday, forming an inside day candlestick pattern on the daily chart, a sign of indecision in the market place.The euro to dollar exchange rate was consolidating a modest retreat, trimming some weekly gains. On Tuesday it jumped more than a hundred pips to 1.0927 and today pulled back, finding support at 1.08, analyzed by FX Street.

euro to dollar exchange rate today indecisive in advance of eu ministers meeting
EUR to GBP chart (Photo source: Tradingview)
euro to dollar exchange rate today indecisive in advance of eu ministers meeting
EUR to GBP stats (Photo source: XE.com)

The euro to pound EUR/GBP closed at 0.88 today. The chart produced two consecutive bearish reversal candles. The chart shows that the price made a bearish breakout at yesterday's lowest low. If the current candle closes within the breakout level and the next candle comes out as a bearish engulfing candle closing below today's lowest low, the sellers may go short to grab some pips. The chart shows that the price made a breakout at the level of 0.88. The last candle may come out as a bullish corrective candle. If the candle closes within the breakout level and the next candle closes below the level of 0.87, the sellers may trigger a short entry, commented by FX street.

euro to dollar exchange rate today indecisive in advance of eu ministers meeting
EUR to AUD chart (Photo source: Tradingview)
euro to dollar exchange rate today indecisive in advance of eu ministers meeting
EUR to AUD stats (Photo source: XE.com)

The euro to Australian dollar EUR/AUD closed at 1.75 today. There is no clear sign of bottoming yet. Sustained trading below 1.75 will raise the chance of larger reversal and pave the way to 1.60/65 support zone. Nevertheless, break of 1.81 resistance will suggest that the pull back has completed. Intraday bias will be turned back to the upside for retesting 1.97 high, In the bigger picture, up trend from 1.16 is in progress and further rally would be possibly to 161.8% projection of 1.16 to 1.65 from 1.35 at 2.17. Otherwise, outlook will stay bullish even in case of deep pull back, reported by Action Forex.

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Candy Lee