You are here: Home > articles > Forex > Technical Analysis – EURUSD oscillates within a sideways range
Technical Analysis – EURUSD oscillates within a sideways range
April 10, 2024 8:27 amVideo
Latest News
- Technical Analysis – Is CADJPY setting the ground for its next bull run? April 10, 2024
- Technical Analysis – USDJPY flirts with intervention zone April 10, 2024
- Market Comment – Dollar and equities trade higher in anticipation of US CPI release April 10, 2024
- Technical Analysis – EURUSD oscillates within a sideways range April 10, 2024
- Technical Analysis – Gold attempts to unlock new high April 10, 2024
- Trading plan for GBP/USD on April 10. Simple tips for beginners April 10, 2024
- Trading plan for EUR/USD on April 10. Simple tips for beginners April 10, 2024
- Congrats on Winning in the Ramadan Challenge Promo April 10, 2024
- Forecast for EUR/USD on April 10, 2024 April 10, 2024
- Forecast for GBP/USD on April 10, 2024 April 10, 2024
- Forecast for AUD/USD on April 10, 2024 April 10, 2024
- Financial future on the horizon: US stocks rise ahead of consumer price news April 10, 2024
- Trading Signals for EUR/USD for April 10-12, 2024: sell below 1.0864 (4/8 Murray – symmetrical triangle) April 10, 2024
- Trading Signals for GOLD (XAU/USD) for April 10-12, 2024: sell below $2,364 (6/8 Murray – head and shoulders) April 10, 2024
- Technical Analysis – NZDUSD bulls show up before RBNZ rate announcement April 9, 2024
- Trading Signals for GOLD (XAU/USD) for April 9-11, 2024: sell below $2,364 (6/8 Murray – overbought) April 9, 2024
- Will Friday’s data add to hopes of UK exit from recession? – Preview April 9, 2024
- ECB meeting looms: what to expect April 9, 2024
- EUR/USD: Waiting for price turbulence April 9, 2024
- Technical Analysis – EURUSD remains above SMAs with weak momentum April 9, 2024
EURUSD trades sideways between 1.0725 and 1.0930
Oscillators confirm the lack of directional momentum
A move above 1.0930 may be needed to brighten the outlook
EURUSD pulled back on Tuesday, after hitting resistance slightly above the 1.0875 barrier, marked by the high of April 4. In the bigger picture, most of the price action has been contained between 1.0725 and 1.0930 since January 16, suggesting a neutral near-term outlook.
The lack of directional momentum is also confirmed by our short-term oscillators. The MACD, although positive, is lying below its trigger line and is pointing south. The RSI is running above 50, but it is slowly getting closer to that equilibrium barrier.
Another attempt and a successful break above 1.0875 could pave the way towards the upper end of the sideways range at around 1.0930, but a break above that hurdle is needed for the picture to brighten. Such a move may initially pave the way towards the psychological round number of 1.1000.
On the downside, a dip below 1.0800 could see scope for declines towards the lower bound of the range, at around 1.0725, the break of which could invite more bears and take the action down to the 1.0665 area, which offered support during the first half of November.
To recap, EURUSD has been trading in a sideways manner lately, staying largely contained between 1.0725 and 1.0930. For a new trend to begin, a decisive exit out of that sideways range may be needed.
Related Posts: