Technical Analysis – EURUSD eases somewhat after another failed attempt above 1.1070
April 27, 2023 10:28 am
EURUSD is struggling to gain positive momentum after another unsuccessful closing session above the 1.1070 resistance level.
The downside reversal in the RSI and the slowdown in the MACD oscillator justify the diminishing buying pressure, though both remain well above their neutral thresholds keeping the short-term risk skewed to the upside.
Should selling forces strengthen, the 20- and the 50-period simple moving averages (SMAs) at 1.1040 and 1.0990 will come under pressure ahead of the medium-term uptrend line at 1.0980. Moving lower, the 1.0960 support could initially change the short-term bias to negative.
Alternatively, a close above the 1.1070 resistance at the 13-month high of 1.1095 would brighten the broader outlook, pushing the price towards the 1.1180 barrier, taken from the highs in March 2022.
In brief, EURUSD is facing a weakening bullish bias, where a drop below the ascending trend line is expected to enhance selling interest.
EURUSD is struggling to gain positive momentum after another unsuccessful closing session above the 1.1070 resistance level.
The downside reversal in the RSI and the slowdown in the MACD oscillator justify the diminishing buying pressure, though both remain well above their neutral thresholds keeping the short-term risk skewed to the upside.
Should selling forces strengthen, the 20- and the 50-period simple moving averages (SMAs) at 1.1040 and 1.0990 will come under pressure ahead of the medium-term uptrend line at 1.0980. Moving lower, the 1.0960 support could initially change the short-term bias to negative.
Alternatively, a close above the 1.1070 resistance at the 13-month high of 1.1095 would brighten the broader outlook, pushing the price towards the 1.1180 barrier, taken from the highs in March 2022.
In brief, EURUSD is facing a weakening bullish bias, where a drop below the ascending trend line is expected to enhance selling interest.
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