Sentiment in the EURUSD pair is generally bullish as the pair remains above its uptrend line and its 100-day moving average on the daily chart – around 1.3580.
However, the recent upside momentum has stalled as indicated by the RSI which has paused at the 50 level and MACD is below zero.
The pair has currently found support at its 50-day moving average as well as the 38% Fibonacci level of the move from the September 6 low to the October 25 high.
Bullish sentiment is expected to remain as long as the pair trades above the 50% Fibonacci level at 1.3476.(S1) Below this level the pair could see further downside to the 61.8% level at 1.3394. (S2)
On the other hand, a resumption in the uptrend could see the pair target 1.3663, which is the 23.6% Fibonacci level and above this there is scope to reach the October 25 high of 1.3831.
Thursday’s ECB policy meeting will be an important driver for this pair.
Sentiment in the EURUSD pair is generally bullish as the pair remains above its uptrend line and its 100-day moving average on the daily chart – around 1.3580.
However, the recent upside momentum has stalled as indicated by the RSI which has paused at the 50 level and MACD is below zero.
The pair has currently found support at its 50-day moving average as well as the 38% Fibonacci level of the move from the September 6 low to the October 25 high.
Bullish sentiment is expected to remain as long as the pair trades above the 50% Fibonacci level at 1.3476.(S1) Below this level the pair could see further downside to the 61.8% level at 1.3394. (S2)
On the other hand, a resumption in the uptrend could see the pair target 1.3663, which is the 23.6% Fibonacci level and above this there is scope to reach the October 25 high of 1.3831.
Thursday’s ECB policy meeting will be an important driver for this pair.
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