Technical Analysis – EURUSD makes another attempt to meet the 13-month high
May 3, 2023 2:27 pm
EURUSD is making another attempt to hold above the 1.1000 psychological mark and meet the 13-month peak of 1.1095 again. The bullish picture in the medium term is further supported by the RSI, which is rising and holding above its neutral threshold of 50. Also, the stochastic oscillator posted a bullish crossover within its %K and %D lines, suggesting more gains.
In the event of an upside movement, the immediate 13-month high of 1.1095, which overlaps with the 200-weekly simple moving average (SMA) could act as a barrier before being able to challenge the March 2022 peak of 1.1180.
On the other hand, any losses should see the 20-day SMA at 1.0975 before meeting the next barriers such as 1.0910 and 1.0825, which lie near the 50-day SMA. A drop below the long-term uptrend line could open the way for the 1.0760 support and more importantly the 200-day SMA at 1.0650, switching the outlook to neutral.
Summarizing, the market seems to be in a bullish mode given that the pair trades above the short-term SMAs and the uptrend line.
EURUSD is making another attempt to hold above the 1.1000 psychological mark and meet the 13-month peak of 1.1095 again. The bullish picture in the medium term is further supported by the RSI, which is rising and holding above its neutral threshold of 50. Also, the stochastic oscillator posted a bullish crossover within its %K and %D lines, suggesting more gains.
In the event of an upside movement, the immediate 13-month high of 1.1095, which overlaps with the 200-weekly simple moving average (SMA) could act as a barrier before being able to challenge the March 2022 peak of 1.1180.
On the other hand, any losses should see the 20-day SMA at 1.0975 before meeting the next barriers such as 1.0910 and 1.0825, which lie near the 50-day SMA. A drop below the long-term uptrend line could open the way for the 1.0760 support and more importantly the 200-day SMA at 1.0650, switching the outlook to neutral.
Summarizing, the market seems to be in a bullish mode given that the pair trades above the short-term SMAs and the uptrend line.
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