Market news
24.11.2022, 03:04

EUR/USD Price Analysis: Aims to conquer 200-day EMA as risk profile soars

  • The asset has continued its two-day bullish momentum after surpassing Wednesday’s high at 1.0482.
  • A confident establishment above the 200-EMA will strengthen the Euro bulls further.
  • The RSI (14)’s oscillation in the 60.00-80.00 range indicates that the upside momentum is active.

The EUR/USD pair has continued its two-day winning streak after overstepping Wednesday’s high at 1.0405 in the Tokyo session. The asset is looking to re-test November high at 1.0482 as the risk profile has turned extremely bullish.

Meanwhile, the US dollar index (DXY) has extended its downside journey to near 105.76 amid a significant decline in safe-haven’s appeal. S&P500 futures have carry-forwarded its upside momentum on Thanksgiving Day.

The EUR/USD pair is aiming to establish comfortably above the 200-period Exponential Moving Average (EMA) at 1.0389. The corrective move in the asset after printing a high of 1.0482 to near 1.0226 has been supported by the upward-sloping trendline placed from November low at 0.9730.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a bullish range of 60.00-80.00, which indicates more upside ahead.

Should the asset break above November’s high at 1.0482, the major will be exposed to the horizontal resistances plotted from June 27 high at 1.0615 and May 30 high at 1.0787.

On the contrary, the shared currency bulls could lose strength if the asset drops below Monday’s low at 1.0226. This will drag the asset towards November 11 low at 1.0163, followed by the round-level support at 1.0100.

EUR/USD daily chart

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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 pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location