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- EUR/USD Price Analysis: Retreats from 21-DMA as bears keep 1.0600 on the radar
EUR/USD Price Analysis: Retreats from 21-DMA as bears keep 1.0600 on the radar
- EUR/USD fades recover from three-week low, pares the biggest daily loss in a month.
- Impending bear cross on MACD hints at further downside.
- Four-month-old resistance line holds the key to the bull’s entry.
EUR/USD takes a U-turn from its intraday high as it pares the daily gains around 1.0630 heading into Friday’s European session.
In doing so, the major currency pair fails to cross the 21-DMA despite consolidating the biggest daily loss in a month.
That said, bearish MACD signals and lower-high formation keeps the EUR/USD sellers hopeful to revisit the mid-June high surrounding 1.0600.
It’s worth noting, however, that a clear downside break of the 1.0600 could make the pair vulnerable to test the six-week-old horizontal support around 1.0460-75.
Meanwhile, the 50-DMA level of 1.0685 and a downward sloping resistance line from February, close to 1.0730, challenge the pair’s recovery moves beyond the 21-DMA level of 1.0650.
Even if the EUR/USD prices rise past 1.0685, the late May top near 1.0785 acts as an extra filter to the north.
EUR/USD: Daily chart
Trend: Further weakness expected
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