Technical Analysis – EURUSD jumps higher but is capped by 1.1080
April 26, 2023 1:27 pm
EURUSD is moving above the 20-day simple moving average (SMA) and within a short-term upward sloping channel, remaining beneath the previous low of 1.1080. The MACD oscillator is flattening above its zero level and below its trigger line. However, the RSI is pointing upwards in the positive territory.
An extension to the upside and above the 1.1080 key level could meet the 1.1180 area, taken from the peak in May 2022. Slightly higher, the 1.1200 round number may pause the upside pressure.
On the other hand, if the pair weakens, the 20-day SMA near 1.0950 could provide immediate support ahead of the 1.0910 support and the lower boundary of the channel. Even lower, the 1.0825 obstacle, which stands near the long-term uptrend line could attract greater attention as any move lower would worsen market’s outlook to bearish.
Regarding the short and long-term pictures, the bullish sentiment deteriorated after the bounce off 1.0530 and the 200-day SMA.
EURUSD is moving above the 20-day simple moving average (SMA) and within a short-term upward sloping channel, remaining beneath the previous low of 1.1080. The MACD oscillator is flattening above its zero level and below its trigger line. However, the RSI is pointing upwards in the positive territory.
An extension to the upside and above the 1.1080 key level could meet the 1.1180 area, taken from the peak in May 2022. Slightly higher, the 1.1200 round number may pause the upside pressure.
On the other hand, if the pair weakens, the 20-day SMA near 1.0950 could provide immediate support ahead of the 1.0910 support and the lower boundary of the channel. Even lower, the 1.0825 obstacle, which stands near the long-term uptrend line could attract greater attention as any move lower would worsen market’s outlook to bearish.
Regarding the short and long-term pictures, the bullish sentiment deteriorated after the bounce off 1.0530 and the 200-day SMA.
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