03.04.202013:22 Forex Analysis & Reviews: EUR/USD analysis for 04.03.2020 - Downside pressure on the EUR and potential for testing of ourr main target at 1.0640

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EU News:

Eurozone activity sees largest single month drop in March

A combined reading of the Eurozone's manufacturing and services sectors shows the biggest ever single monthly fall in March.The composite PMI reading was the lowest ever recorded as part of the survey, at 29.7.

That was not only down from February's 51.6, it was also weaker than the earlier flash estimate of 31.4.

Technical analysis:

EUR/USD has been trading downwards as I expected.The price is going towards our downward targets from yesterday at the price of 1.0742 and 1.0640.

Watch for selling opportunities on the rallies today with the downward targets at 1.0742 and 1.0640.

MACD oscillator is showing strong selling pressure from the background, which is strong sign that sellers are in control.

Intraday resistance level is set at the price of 1.0820

Support levels and downward targets are set at the price of 1.0742 and 1.0640.

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