Technical Analysis – EURUSD flirts with medium-term uptrend line
April 21, 2023 11:52 am
EURUSD is moving sideways in the very short-term after the failed attempt to jump above the 1.0990 resistance level, but it is still standing above the medium-term ascending trend line in the 4-hour chart.
Currently, the market is easing beneath the 20- and the 40-period simple moving averages (SMAs) with the technical oscillators also suggesting a bearish move. The RSI is dropping beneath the neutral threshold of 50; however, the MACD is consolidating near the zero level with weak momentum.
If the bears drive the market beneath the diagonal line, the 1.0910 support may halt negative movements, confirming the short-term trading range. Further selling interest could meet the 1.0830 barrier and the 200-period SMA at 1.0820, shifting the outlook to negative.
Summarizing, EURUSD is still looking positive in the medium-term timeframe, but any losses below the uptrend line may switch the bias to neutral-to-bearish.
EURUSD is moving sideways in the very short-term after the failed attempt to jump above the 1.0990 resistance level, but it is still standing above the medium-term ascending trend line in the 4-hour chart.
Currently, the market is easing beneath the 20- and the 40-period simple moving averages (SMAs) with the technical oscillators also suggesting a bearish move. The RSI is dropping beneath the neutral threshold of 50; however, the MACD is consolidating near the zero level with weak momentum.
If the bears drive the market beneath the diagonal line, the 1.0910 support may halt negative movements, confirming the short-term trading range. Further selling interest could meet the 1.0830 barrier and the 200-period SMA at 1.0820, shifting the outlook to negative.
Summarizing, EURUSD is still looking positive in the medium-term timeframe, but any losses below the uptrend line may switch the bias to neutral-to-bearish.
Related Posts: