Technical Analysis – EURUSD keeps moving south after failed attempt to close above 1.1000
February 6, 2023 3:27 pm
EURUSD erased February’s gains after Friday’s job report and fell below its 20-day simple moving average (SMA). The pair opened today with a negative gap and is approaching the lower boundary of the medium-term ascending channel. The MACD is losing momentum below its trigger line, while the RSI is diving beneath the neutral threshold of 50.
To the downside, the 50-day SMA and the rising trendline drawn from mid-November is the first support to have in mind. If the current selling pressure breaks that support, the pair may find a barrier near the 1.0480 line and the 200-day SMA at 1.0310.
On the other hand, the bulls could make a comeback and jump above the 20-day SMA, challenging the 1.0930 resistance and then the 1.1000 psychological mark. Slightly higher, the previous peak at 1.1032 could also act as an obstacle for the bulls ahead of the 1.1180 peak, registered in March 2022.
Overall, despite the fact that EURUSD has turned lower, its positive trend could be intact as long as it continues trading above 1.0480.
EURUSD erased February’s gains after Friday’s job report and fell below its 20-day simple moving average (SMA). The pair opened today with a negative gap and is approaching the lower boundary of the medium-term ascending channel. The MACD is losing momentum below its trigger line, while the RSI is diving beneath the neutral threshold of 50.
To the downside, the 50-day SMA and the rising trendline drawn from mid-November is the first support to have in mind. If the current selling pressure breaks that support, the pair may find a barrier near the 1.0480 line and the 200-day SMA at 1.0310.
On the other hand, the bulls could make a comeback and jump above the 20-day SMA, challenging the 1.0930 resistance and then the 1.1000 psychological mark. Slightly higher, the previous peak at 1.1032 could also act as an obstacle for the bulls ahead of the 1.1180 peak, registered in March 2022.
Overall, despite the fact that EURUSD has turned lower, its positive trend could be intact as long as it continues trading above 1.0480.
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