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- EUR/USD Price Analysis: 10-DMA probes recovery moves
EUR/USD Price Analysis: 10-DMA probes recovery moves
- EUR/USD bulls pause after two-day uptrend, keeps short-term resistance breakout.
- Firmer RSI, Momentum line back buyers below two-month-old key trend line hurdle.
- Horizontal area from early October restricts short-term downside.
EUR/USD struggles to extend the two-day rebound, seesaws around 1.1590-85 during Tuesday’s Asian session. Even so, the major currency pair keeps the previous day’s upbeat break of a downward sloping trend line from October 28 amid price-positive signals from the RSI and Momentum indicators.
It should be noted, however, that the pair buyers remain worried below the descending resistance line from early September, near 1.1650.
Even if the EUR/USD bulls manage to cross the 1.1650 trend line hurdle, the last month’s high near 1.1695 and the 1.1700 threshold will challenge the further advances.
Meanwhile, the resistance-turned-support close to 1.1575 restricts short-term declines ahead of the multiple supports marked since the initial October month surrounding 1.1530-25.
Also acting as a downside filter is the yearly low near 1.1510 and the 1.1500 round-figure.
To sum up, EUR/USD is likely to remain in the recovery mode but the bulls remain cautious below 1.1700.
EUR/USD: Daily chart
Trend: Further recovery expected
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