Technical Analysis – EURUSD creates bullish channel in near term
April 25, 2024 9:27 am
EURUSD flirts with upper boundary
MACD and RSI indicate more upside move
EURUSD has been showing a buying interest lately in the 4-hour chart, with the price trying to surpass the upper boundary of the upward sloping channel.
The 20- and the 50-period simple moving averages (SMAs) posted a bullish crossover and the technical oscillators are indicating an upside pressure. The RSI is moving north and is approaching the overbought territory, while the MACD is strengthening its positive momentum above its trigger and zero lines.
In the event that the bulls take control, the 1.0755 resistance, will come first into view. A violation at this point may see another challenging battle around the 200-period SMA, which overlaps with the 1.0790 bar.
Should the bears dominate, driving the price below the 1.0715 number, the spotlight will shift to the 20-period SMA at 1.0686 ahead of the 1.0676 support and the 50-period SMA at 1.0660. Any step lower would put the pair in a bearish position in the medium-term picture, hitting the 1.0623 hurdle.
To conclude, EURUSD is looking bullish in the very short-term picture, but the broader outlook is still negative.
EURUSD flirts with upper boundary
MACD and RSI indicate more upside move
EURUSD has been showing a buying interest lately in the 4-hour chart, with the price trying to surpass the upper boundary of the upward sloping channel.
The 20- and the 50-period simple moving averages (SMAs) posted a bullish crossover and the technical oscillators are indicating an upside pressure. The RSI is moving north and is approaching the overbought territory, while the MACD is strengthening its positive momentum above its trigger and zero lines.
In the event that the bulls take control, the 1.0755 resistance, will come first into view. A violation at this point may see another challenging battle around the 200-period SMA, which overlaps with the 1.0790 bar.
Should the bears dominate, driving the price below the 1.0715 number, the spotlight will shift to the 20-period SMA at 1.0686 ahead of the 1.0676 support and the 50-period SMA at 1.0660. Any step lower would put the pair in a bearish position in the medium-term picture, hitting the 1.0623 hurdle.
To conclude, EURUSD is looking bullish in the very short-term picture, but the broader outlook is still negative.
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