EUR/USD: Battling with the 1.0800 price zone

The EUR/USD pair is trading around 1.0800 and at risk of falling further, according to FXStreet’s Chief Analyst Valeria Bednarik. 

Key quotes

“The final versions of the Markit Services PMI were upwardly revised in Germany and the Union, although in Spain and France were worse than previously estimated. EU Retail Sales were better than expected in March, down anyway 9.2% in the month.”

“The ADP survey showed that during April, 20.23 million jobs were lost, although the market barely reacted to the news, already waiting for such a dismal number.” 

“In the 4-hour chart, EUR/USD is now well below all of its moving averages, with the 20 SMA gaining bearish strength, although still above the larger ones. Overall, the risk remains skewed to the downside, with scope to test the 1.0700 price zone.”