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EURUSD portrays rising wedge bearish chart formationA gradual shrinking of EURUSD upside moves prints a six-month-old rising wedge bearish chart pattern, currently between 1.1120 and 1.0690. Recently luring the Euro bears is the downside break of the 100-DMA, around 1.0810 by the press time. With this, the pair is likely to challenge the stated wedge’s bottom line, around 1.0690, a break of which will confirm the bearish chart pattern suggesting a theoretical target of 0.9840. That said, the 200-SMA level of around 1.0465 can act as an intermediate halt during the likely fall. Alternatively, a daily close beyond the 100-DMA level of around 1.0810 becomes necessary for the EURUSD buyers to return to the table. Even so, the 1.0000 psychological magnet and February’s high of around 1.1035 could prod the Euro bulls. It’s worth noting that the stated wedge’s top line, currently near 1.1120, acts as the last defense of the EURUSD bears. Overall, EURUSD is likely to witness further downside wherein 1.0690 is the key support.
by MTradingGlobal
EURUSD bears need to break 1.0730 to regain commandA clear downside break of 200-SMA and a six-week-old ascending trend line allowed EURUSD bears to cheer the biggest weekly loss since September 2022, not to forget the snapping of the two-week uptrend. Although the Euro bears are well-set to revisit the previous monthly low of around 1.0790, an oversold RSI may help the sellers to take a breather. As a result, a horizontal area comprising multiple levels marked since mid-March around 1.0740-30, as well as the 61.8% Fibonacci retracement level of the pair’s March-April upside, becomes crucial support to watch. In a case where the quote remains bearish past 1.0730, the odds of witnessing a fresh Year-To-Date (YTD) low, currently around 1.0480, can’t be ruled out. Meanwhile, EURUSD recovery remains elusive unless the quote remains below a convergence of the 200-SMA and a one-week-long descending resistance line, close to 1.0960. Even so, the previous support line stretched from early April, near 1.1010 at the latest, may test the buyers before giving them control. Following that, the current yearly high marked in the last month around 1.1095 and the 1.1100 round figure will be in focus as a break of which could challenge the April 2022 peak of around 1.1185. Overall, EURUSD is likely to witness further downside but the bears have multiple challenges and need back-up from the key EU data/events to retake control.
by MTradingGlobal
EURUSD teases sellers on US inflation dayAfter multiple failures to cross the 1.1100 hurdle, EURUSD broke a five-week-old ascending support line as US Consumer Price Index (CPI) for April looms. The major currency pair’s bearish signal also gains support from the downbeat MACD and RSI conditions. However, the 50-DMA and 100-DMA levels, respectively near 1.0850 and 1.0785, can check the Euro bears before giving them control. Even so, tops marked during late 2022 around 1.0710 may act as the last defense of the buyers before directing prices towards the YTD lows of around 1.0515. Meanwhile, a corrective bounce remains elusive unless rising back beyond the previous support line stretched from early April, close to 1.1000 by the press time. Even so, a three-month-old upward-sloping resistance line, close to 1.1100, appears a tough nut to crack for the EURUSD bulls to regain their power. Following that, a run-up towards the late March 2022 high of near 1.1185 will be in the spotlight. Overall, EURUSD bulls have finally stepped back after multiple attempts to conquer the 1.1100. However, their defeat isn’t confirmed yet as the US inflation data and the key support can surprise markets. Hence, there prevails a need to be cautious while trading this key event.
by MTradingGlobal
EURUSD portrays bullish consolidation ahead of ECBEURUSD recently pierced a three-week-old symmetrical triangle as the European Central Bank (ECB) Interest Rate Decision looms. That said, the Fed-inspired run-up impresses the Euro bulls as the pair trades successfully beyond the 200-SMA amid a firmer RSI (14) line and bullish MACD signals. As a result, the quote is well set for rising to the fresh high since late March 2022, currently around 1.1095. The same highlights the 1.1100 round figure as a lucrative stop ahead of the 61.8% Fibonacci Expansion (FE) of the pair’s moves from April 03 to May 02, near 1.1130. Following that, the 78.6% FE and March 2022 peak of around 1.1180 and 1.1185 respectively could lure the pair buyers. Meanwhile, EURUSD sellers will need validation from the 200-SMA support of around 1.0915 to retake control. Even so, lows marked during April 10 and 03, close to 1.0830 and 1.0790 in that order, can check the bears before giving them control. In that case, the 61.8% Fibonacci retracement of the Euro pair’s March-April upside, surrounding 1.0735, may act as the last defense of the buyers before directing them to the YTD low marked in March around 1.0515. Overall, EURUSD buyers remain in the driver’s seat as they await the key central bank decision.
by MTradingGlobal
EURUSD bulls observe inverse head-and-shoulders for major run-upEURUSD dribbles around a fresh 13-month high marked the previous day as it pokes the neckline of an inverse head-and-shoulders bullish chart formation, close to 1.1090 at the latest. A successful break of the said hurdle would theoretically confirm a major uptrend targeting the year 2018 peak surrounding 1.2550-60. However, tops marked during March 2022 near 1.1185 and the last year's top of 1.1495 can act as validation points for the Euro pair’s further advances. That said, the 1.2000 psychological magnet and year 2021’s peak of 1.2350 are some of the extra upside filters which can check the bulls during the anticipated north-run. On the contrary, failure to offer a decisive break beyond the 1.1090 hurdle, as well as the 1.1100 round figure, may trigger the much-awaited pullback of the EURUSD pair. Even so, the pair sellers will wait for a clear downside break of the one-month-old ascending support line, close to 1.0975 to convince the Euro sellers. In that case, the 100-DMA level of around 1.0750 may act as an intermediate halt before highlighting the lows marked in March and January of 2023, respectively near 1.0515 and 1.0480. Overall, EURUSD bulls prepare for a major uptrend but a successful rise beyond 1.1100 becomes necessary for witnessing a stellar rise.
by MTradingGlobal
EURUSD remains on the bull’s radar beyond 1.0900EURUSD prins mild gains within a one-month-old bullish channel even as RSI eases from the overbought conditions. That said, the impending bear cross on the MACD joins the major currency pair’s inability to stay beyond 1.1000 to lure sellers. However, a clear downside break of the stated channel’s bottom line, close to 1.0900 at the latest, becomes necessary for the confirmation of downside bias. Even so, the 50-SMA and an ascending support line from early January, respectively near 1.0745 and 1.0585 in that order, appear tough nuts to crack for the pair sellers before retaking the control. Meanwhile, the EURUSD recovery needs to sustain above the 1.1000 psychological magnet to convince buyers. In that case, the aforementioned channel’s top line, close to 1.1100, may test the upside momentum. Should the Euro price remains firmer past 1.1100, the 61.8% Fibonacci Expansion (FE) of its between November 10, 200 and March 15, 2023, near 1.1200, could lure the upside momentum. During the run-up, the late March 2022 top surrounding 1.1185 can act as an intermediate halt. Overall, EURUSD bulls appear to run up out of steam but the bears have a long and bumpy road before taking control.
by MTradingGlobal
Two-month-old resistance line challenges EURUSD bullsEURUSD bulls struggle at an 11-week-high as an upward-sloping trend line resistance challenges the major currency pair’s further upside around the 1.1000 psychological magnet. Adding strength to the stated resistance is the overbought RSI conditions. Even if the quote manages to cross the 1.1000 hurdle, the YTD high marked in February around 1.1035 could act as an additional upside filter for the bulls to tackle before approaching the late March 2022 peak around 1.1185. Following that, the previous yearly high of 1.1495 will be in focus. Alternatively, the EURUSD pullback could initially aim for the 1.0930 resistance-turned-support area comprising multiple levels marked in the last two months, a break of which will highlight the 100-SMA level of 1.0860 as the key support. It’s worth noting, however, that a clear downside break of 1.0860 won’t hesitate to drag the Euro pair toward the monthly low of near 1.0785. Though, the 200-SMA level of 1.0745 could restrict the quote’s south run afterward. To sum up, EURUSD bulls appear running out of steam and hence a pullback in prices can be expected. However, the bearish trend is still far from sight.
by MTradingGlobal
EURUSD eases on the way to refresh 2023 highEURUSD extends the previous day’s pullback from a seven-week-old ascending resistance line as it pares the weekly gains, the third consecutive one. While the overbought RSI joined the stated resistance line to recall sellers, bullish MACD signals and a two-week-old ascending trend line, around 1.0820, challenge the Euro bears. Following that, the 100-SMA and 200-SMA, respectively around 1.0785 and 1.0700 could lure the pair sellers. On the contrary, the aforementioned resistance line near 1.0980 acts as an immediate upside hurdle before directing EURUSD buyers toward the current Year-To-Date high, near 1.1035. In a case where the Euro bulls keep the reins past 1.1035, the January 2022 bottom surrounding 1.1120 will be in focus. During the quote’s advances past 1.1120, tops marked during the late March of the last year can probe the buyers near 1.1185 and 1.1235. Overall, EURUSD is well-set for a fresh yearly top even if the bulls are hesitant of late.
by MTradingGlobal
EURUSD grapples with 1.0930 hurdle ahead of EU, US inflation EURUSD braces for the biggest weekly gains since early January even as it eases from a 2.5-month-old horizontal resistance area surrounding 1.0930 ahead of this week’s top-tier data, namely the Eurozone and US inflation clues. That said, a fortnight-long ascending support line joins firmer oscillators to keep Euro pair buyers hopeful of crossing the critical upside barrier holding the key for the quote’s run-up towards challenging the yearly top surrounding 1.1035. In a case where the pair remains firmer past 1.1035, which is less likely considering the RSI (14) line’s nearly overbought conditions, the 61.8% Fibonacci Expansion (FE) of its November 2022 to March 2023 moves, near 1.1200. On the contrary, pullback moves need to break the immediate two-week-old support line, close to 1.0840 at the latest, to lure intraday EURUSD sellers. Even so, a convergence of the 50-DMA and 23.6% Fibonacci retracement of November-February upside, near 1.0730, can put a floor under the price. Following that, the 100-DMA, the monthly low and January’s bottom, around 1.0615, 1.0515 and 1.0480 in that order, may act as the last defenses of the pair buyers, a break of which could hand over control to the bears. Overall, EURUSD is on the bull’s radar and is very much capable of refreshing the yearly top. However, it all depends upon today’s inflation data and hence Euro bulls should wait for the actual data before taking any major positions.
by MTradingGlobal
EURUSD bulls approach strong resistance area on Fed dayEURUSD stays firmer for the fourth consecutive week as traders prepare for the key Federal Reserve monetary policy meeting on early Wednesday. The major currency pair’s latest run-up could be linked to a successful break of the 200-SMA. However, a 12-day-old ascending triangle can join the overbought RSI and a horizontal area comprising multiple hurdles marked since late January to challenge the Euro buyers between 1.0790 and 1.0805. In a case where the quote rises past 1.0805, the 61.8% Fibonacci retracement of the February-March downturn, near 1.0835, may act as an extra check towards the north before highlighting the 1.0920-30 resistance zone comprising the 78.6% Fibonacci retracement level. Meanwhile, EURUSD bears could stay off the table unless the quote remains above the stated triangle’s support line, around 1.0700 by the press time. Following that, the 1.0570 and 1.0530 levels may act as intermediate stops during the quote’s likely slump toward the monthly low near 1.0515. In a case where the Euro bears dominate past 1.0515, the YTD low marked in January around 1.0480 may act as the last defense of the buyers, a break of which might direct sellers to the November 2022 low surrounding 1.0290. Overall, EURUSD buyers appear to run up out of steam on a crucial day but the bears need validation from 1.0700 and the Federal Reserve both.
by MTradingGlobal
EURUSD bears take a break ahead of ECBEURUSD posted the biggest daily slump in six months as Credit Suisse headlines fanned risk aversion on Wednesday. The fall, however, needs validation from the 1.0555-50 support confluence, comprising the 100-DMA and 14-week-old ascending support line, as well as the European Central Bank’s (ECB) Monetary Policy Meeting. That said, a clear break of 1.0550, accompanied by a disappointment from the ECB could quickly drag the major currency pair towards the 200-DMA support of 1.0320. However, the 38.2% Fibonacci retracement level of the pair’s September 2022 to February 2023 upside, near 1.0460, could act as an intermediate halt during the anticipated slump. On the contrary, recovery moves require hawkish commentary, as well as a rate hike decision, from the ECB to aim for the 50-DMA hurdle surrounding 1.0725. Following that, the mid-February swing high of around 1.0810 could test the EURUSD bulls ahead of directing the run-up towards the previous monthly high, as well as the 2023 peak, of near 1.1035. Overall, EURUSD is on the bear’s radar but the quote’s further downside hinges on the key fundamental events and important support zone break.
by MTradingGlobal
EURUSD stays bullish unless breaking 1.0540 support confluenceAfter stalling a four-month winning streak in February, EURUSD prints mild gains so far in March. That said, the major currency pair’s latest recovery takes place from the 1.0540 support confluence comprising the 200-day Exponential Moving Average (EMA) and a three-month-old ascending support line. The upside momentum also takes clues from the upward-sloping RSI (14) line and upbeat MACD signals. As a result, the quote is well-set to challenge the last December’s peak surrounding 1.0740. Should the quote manage to remain firmer past 1.0740, which is more likely, the prices could aim for the mid-February top of around 1.0800. However, multiple hurdles could challenge the Euro bulls afterward, if not then the pair’s north-run toward the previous monthly high of near 1.1035 can’t be ruled out. Meanwhile, a daily closing below the 1.0540 support confluence could quickly fetch the EURUSD price to January’s bottom of 1.0481 before highlighting the December 07 low near 1.0445. In a case where the pair sellers keep the reins past 1.0445, the 50% and 61.8% Fibonacci retracements of its run-up from November 2022 to February 2023, respectively near 1.0380 and 1.0230, could flash on their radar. It’s worth observing that the late October 2022 high near 1.0095 and the 1.000 level are crucial for the Euro bears to watch past 1.0230. Overall, EURUSD remains on the bull’s radar as it stays firmer beyond the key support ahead of Fed Chair Jerome Powell’s semi-annual Testimony.
by MTradingGlobal
EURUSD stays on the bear’s radar despite recent reboundEURUSD began the month of March on a positive note by crossing a one-month-old descending trend line, as well as poking the 1.0690 resistance confluence including the 200-EMA and 61.8% Fibonacci retracement of the January-February upside. The recovery also justified bullish MACD signals. However, the RSI (14) retreated from the overbought territory and triggered the quote’s pullback from the key upside hurdle. Even if the pair crosses the 1.0690 immediate resistance, a horizontal area comprising multiple levels marked since January-end, around 1.0788-805, appears a tough nut to crack for the bulls. It’s worth noting that the quote’s successful run-up beyond 1.0805 won’t hesitate to challenge January’s high of near 1.0930. Meanwhile, pullback moves could aim for the previous resistance line from early February, close to 1.0585. Following that, lows marked during the previous month and January, near 1.0530 and 1.0480 in that order, could lure the EURUSD bears. Should the pair remains bearish past 1.0480, bottoms marked in late November around 1.0290 and 1.0220 may act as the last stops for the sellers before highlighting the parity level of 1.0000. Overall, EURUSD is likely to grind higher for the short term but the medium-term bearish trend remains intact.
by MTradingGlobal
EURUSD rebound appears shallow ahead of important EU, US dataBe it sustained trading below the 3.5-month-old ascending trend line or the bearish MACD signals and downbeat RSI (14), not oversold, the EURUSD pair has it all to lure bears as first readings of Eurozone Q4 GDP and US CPI for January loom. Even so, the pair’s latest run-up beyond the 50-DMA hurdle seems to challenge the bears. That said, the quote’s fresh selling should wait for a clear downside break of the 50-DMA support of 1.0700 to aim for the 38.2% Fibonacci retracement of November 2022 to February 2023 upside, near 1.0530. However, the previous monthly low near 1.0400 and the 100-DMA level surrounding 1.0370 could act as the last defense of the bears afterward. Alternatively, the late 2022 peak around 1.0740 and the support-turned-resistance line from November, close to 1.0950, could probe the EURUSD buyers in case the data favors Euro buyers and the US Dollar sellers. It’s worth observing that the 1.1000 round figure and the current monthly high of 1.1033 are likely to act as additional upside filters during the pair’s run-up beyond 1.0950. Overall, EURUSD is on the bear’s radar as traders await important catalysts. It should be observed, however, that the volatility around the scheduled events is likely to be high and hence traders should wait for markets to stabilize after the data before taking any major positions.
by MTradingGlobal
EURUSD sellers need to conquer 1.0670 to retake controlEURUSD fades bounce off the 10-week-old ascending support line as the weekly resistance line and the 200-SMA challenge buyers. Adding strength to the downside bias are the bearish MACD signals and downbeat RSI (14). As a result, the quote is likely to return to the bear’s table after a four-month absence. That said, a downside break of the stated support line, close to 1.0670, could act as a trigger for the downside targeting the previous monthly low surrounding 1.0480. It’s worth noting that the 61.8% and 78.6% Fibonacci retracement of the pair’s November late November 2022 to early February peak, respectively near 1.0570 and 1.0450, could act as extra downside filters to watch before targeting the late November swing low of 1.0290. Meanwhile, recovery moves need validation from the 200-SMA, around 1.0765 at the latest. Following that, the EURUSD pair’s run-up towards 1.0800 and then to 1.0930 can’t be ruled. In a case where the prices remain firmer past 1.0930, the 1.1000 psychological magnet and the monthly high of 1.1033 should gain the market’s attention. It should be observed that the rally beyond 1.1033 enables bulls to aim for a March 2022 peak of 1.1185. To sum up, EURUSD buyers appear running out of steam but the bears must conquer the multi-day-old support line to return to the driver’s seat.
by MTradingGlobal
Technical Analysis: EURUSD buyers need ECB’s support to keep conEURUSD remains above the top line of a three-month-long bullish after the Fed-inspired volatility. The nearly overbought RSI (14), however, suggests that the bulls are running out of steam of late. That said, the 100.0% Fibonacci Expansion (FE) of the pair’s moves between November 11, 2022, and January 06, 2023, close to 1.1045, appears immediate hurdle for the bulls to cross to keep the reins. Following that, a run-up toward the late March 2022 high near 1.1185 can’t be ruled out. It should be noted that the 1.1100 round figure may offer an intermediate halt during the likely run-up. It should be noted, however, that the quote’s pullback moves remain elusive unless EURUSD remains beyond the stated channel’s top-line, close to 1.0970. Following that, 78.6% and 61.8% FE levels, respectively near 1.0930 and 1.0830 will precede the 21-EMA surrounding 1.0800 to restrict the short-term downside of the pair. Also acting as nearby key support is an upward-sloping trend line from early November 2022, around 1.0780 at the latest. In a case where the pair breaks the stated trend line support, its drop to the aforementioned bullish channel’s lower line and then to January’s low, respectively near 1.0610 and 1.0480, becomes imminent. Though, the bears are less likely to have a smooth road unless breaking the 1.0480 level. To conclude, the EURUSD stays firmer ahead of the European Central Bank (ECB) announcements but the upside seems losing momentum and hence a pullback could be witnessed if the ECB disappoints Euro bulls. Even so, the trend reversal is far from sight.
by MTradingGlobal
EURUSD eases inside two-month-old bullish channelBetter-than-expected US growth numbers triggered the much-awaited pullback in the EURUSD prices from the eight-month high. The retreat, however, stays inside a two-month-long ascending trend channel, which in turn suggests less incentive for the bears. Even so, the previous weekly low surrounding 1.0765 and December’s peak of 1.0736 could lure short-term sellers. Following that, an upward-sloping support line from early November, close to 1.0730 might probe the further downside. It’s worth noting that the quote’s weakness past 1.0730 could make it vulnerable to testing the 1.0610-600 support confluence comprising the 50-DMA and lower line of the stated bullish chart formation. In a case where the pair stays weaker past 1.0600, the bears could have an easy battle to retake control. Meanwhile, EURUSD buyers could drill the aforementioned channel’s top line, around 1.0950 by the press time, during the fresh advances. Following that, the 1.1000 round figure could probe the upside momentum. It’s worth observing that the tops marked during March 2022 around 1.1140 and 1.1185 appear the easy reach for the pair bulls in case of its successful trade beyond 1.1000 psychological magnet. Overall, EURUSD bulls aren’t off the table but are tired enough to trigger a pullback.
by MTradingGlobal
EURUSD has bumpy road to north even as bulls keep the reinsA two-month-old ascending trend channel backs the EURUSD pair’s upside bias, despite multiple failures to cross the 1.0880 horizontal hurdle in the last week. That said, the 50-SMA and the 100-SMA restrict immediate downside around 1.0790 and 1.0700 respectively. Following that, the stated bullish channel could be at the test and hence the 1.0575 support will gain major attention. Should the quote drops below 1.0575, a slump toward the monthly low near 1.0480 appear imminent while any further downside won’t hesitate to challenge the lows marked during November. Meanwhile, a successful break of the one-week-old horizontal resistance near 1.0880 isn’t an invitation for the bulls as the top line of the aforementioned channel, close to 1.0910, will act as the last defense of the EURUSD bears. In a case where the pair rises past 1.0910, it could quickly rise to the 1.1000 round figure. It’s worth noting that January 2022 low and the late March 2022 high, respectively around 1.1125 and 1.1185, might probe the pair buyers before giving them full control. Overall, EURUSD stays inside a bullish chart formation and the oscillators are positive too. However, the upside momentum lacks acceptance and hence buyers should remain cautious.
by MTradingGlobal
EURUSD portrays bullish trend-widening formationEURUSD grinds higher around the seven-month top inside a rising megaphone chart pattern on the daily formation. In addition to the bullish chart pattern, the upbeat RSI and bullish MACD signals also keep buyers hopeful. That said, May 2022’s peak surrounding 1.0786 and 1.0800 are likely immediate targets for the bulls. However, the 78.6% Fibonacci retracement level of the pair’s March-September downside, near 1.0835, could challenge the upside momentum afterward. In a case where the quote remains firmer past 1.0835, the stated megaphone’s top line, close to 1.0960, should lure the optimists. On the contrary, the one-month-old descending previous resistance line around 1.0700 restricts the short-term downside of the EURUSD pair. Following that, a pullback towards the aforementioned bullish pattern’s support line, adjacent to 1.0550, will be important to watch for sellers. Should the quote drops below 1.0550, a downward trajectory towards the 50-DMA and the 200-DMA, respectively near 1.0460 and 1.0300, can’t be ruled out. It’s worth noting that the quote’s weakness past 1.0300 could welcome bears with open hands. To sum up, EURUSD is likely to remain firmer but the road to the north is bumpy and long.
by MTradingGlobal
EURUSD stays on bull’s radar despite recent pullbackEURUSD retreats inside a six-week-old bullish channel as the holiday season allows buyers to take a breather. The pullback move, however, stays unimportant beyond the 1.0590-80 support zone comprising the 100-SMA and an upward-sloping trend line stretched from December 01. Even so, the stated channel’s support line, close to 1.0500 by the press time, will challenge the pair’s further downside. It’s worth noting that the 200-SMA acts as the last defense for bulls around 1.0450. On the flip side, the 1.0700 round figure acts as an immediate hurdle for the EURUSD buyers to crack before aiming for the aforementioned channel’s top line, around 1.0760 at the latest. In a case where the pair remains firmer past 1.0760, May’s peak of around 1.0785 and the 1.0800 round figure may act as the buffers before highlighting the late April swing high surrounding 1.0985 and the 1.1000 threshold. Overall, EURUSD appears losing upside momentum, as per the RSI and MACD signals, but the bears are far from winning the battle.
by MTradingGlobal
EURUSD grinds higher inside three-week-old bullish channelEURUSD is likely to end the two-week-old winning streak as traders brace for key consumer-centric data from the US. However, an ascending trend channel from November 15 portrays the short-term bullish bias of traders. That said, the monthly high surrounding 1.0600 and the stated channel’s top near 1.0620 limits the quote’s immediate advances. In a case where the pair defies the bullish chart pattern by crossing the 1.0620 hurdle, the upward trajectory could aim for May’s high near 1.0785. On the downside, the 100-SMA level of 1.0400 restricts the nearby downside of the major currency pair, a break of which will highlight the channel’s support line surrounding 1.0380. Should the EURUSD bears manage to conquer the 1.0380 support, the odds of witnessing a slump toward the 200-SMA level near 1.0200 can’t be ruled out. However, tops marked during late October and early November close to 1.0100-0090 offer a strong support zone to the sellers. Overall, EURUSD remains firmer inside the bullish chart formation but the upside room appears to be limited.
by MTradingGlobal
Bearish RSI divergence teases EURUSD sellers on a crucial dayAlthough the EURUSD pair is all set to register the biggest monthly gain since September 2010, a bearish RSI divergence on the Daily chart challenges the quote’s further upside as traders await Eurozone inflation and a speech from Fed Chair Jerome Powell. The price-negative signal could be known when the quote makes higher highs but the oscillator, RSI (14) in this case, prints lower tops. Also raising doubts about the pair’s further upside is its repeated failures to stay successfully beyond the 200-DMA, currently around 1.0380. It’s worth noting, however, that a fresh high of the monthly, close to 1.0500 at the latest, could reject the bearish divergence in case the RSI ticks up beyond the latest peak surrounding 60.40. Even so, the highs marked during late June near 1.0615 will precede the June month’s top of 1.0773 to test the bulls before allowing them to challenge May’s peak of 1.0786. Meanwhile, the previous weekly low close to 1.0220 seems to lure the short-term sellers of the EURUSD pair. Following that, September’s high near 1.0195 could act as the last defense of the buyers before directing the prices towards October’s top of 1.0088. In a case where the quote remains bearish past 1.0088, the parity level will precede the early September swing low around 0.9865 to please the bears. Overall, EURUSD bulls are running out of steam as they brace for the key data/events.
by MTradingGlobal
EURUSD is on the way to refresh monthly highEURUSD stays on the front foot after successfully breaking a one-week-old descending resistance line, now support around 1.0290. The upside momentum also crossed the support-turned-resistance line from November 04, close to 1.0370. That said, firmer RSI and bullish MACD signals keep the buyers hopeful of keeping the reins beynd the 1.0370 hurdle, which in turn could allow the pair to refresh the monthly top, currently around 1.0480. In doing so, the 61.8% Fibonacci Expansion (FE) of November 10-21 moves, near 1.0560, will gain the market’s attention ahead of late June’s peak of 1.0615. Meanwhile, a downside break of the resistance-turned-support line of 1.0290 could quickly fetch EURUSD towards the weekly bottom surrounding 1.0226. Following that, a south-run towards a one-month-long horizontal support area between 1.0100 and 1.0085 will be in focus. In a case where the pair sellers dominate past 1.0085, the 200-SMA level near 0.9985 may act as the last defense of the buyers. To sum up, EURUSD remains firmer past short-term key resistances and signals additional upside.
by MTradingGlobal