EUR/USD edges higher in a quiet session on Thursday. The pair rose near 1.1600 in the US session following a broad-based USD selling. At the time of writing, EUR/USD is trading at 1.1595, up 0.02% for the day.
On the daily chart, the EUR/USD pair has started the October series on a lower note while testing the yearly lows around 1.1524 this Tuesday. The spot already trades below the 21-day Simple Moving Average (SMA) at 1.1638, indicating a downside risk. Nevertheless, the previous session’s single-day gain defies the four-session downward journey of the pair.
Having said that, if the price sustains intraday high, it could continue to register more gains. In doing so, the first upside target would be the 1.1630 horizontal resistance level followed by the high of September 29 at 1.1690. The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone, any uptick could mean the 1.1750 for the EUR/USD bulls.
Alternatively, if the price reverses direction, the EUR/USD bears would once again dominate the trend with their eyes on October, 1 low at 1.1530. Next, the market participants would test the 1.1550 horizontal support level. A break below the mentioned level will open the door below the yearly lows of 1.1524.
© 2000-2021. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at email@example.com.