EUR/USD licks its wounds around 1.0600 after posting the biggest daily fall in nearly a month. That said, the Euro pair bounces off the support line of the two-week-long symmetrical triangle during early Friday while paring the previous day’s losses.
It’s worth noting, however, that the bearish MACD signals join the major currency pair’s sustained trading below the 200-Exponential Moving Average (EMA) to challenge the bull's bias.
As a result, the latest rebound appears difficult below the aforementioned triangle’s top line of near 1.0675, as well as the 200-EMA level surrounding 1.0685.
In a case where the EUR/USD price rallies beyond the 1.0685 hurdle, the 1.0700 threshold may act as a validation point for the run-up targeting the mid-February swing high surrounding 1.0800.
On the contrary, a downside break of the stated triangle’s lower line, around 1.0580 by the press time, could join the bearish MACD signals to recall the EUR/USD sellers.
In that situation, the weekly low surrounding 1.0530 could challenge the pair’s further downside ahead of January’s bottom near 1.0480.
Overall, EUR/USD traders can ignore the pair’s latest rebound unless the quote breaks the 1.0685 hurdle. However, the downside room appears limited.
Trend: Further recovery expected
© 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.
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 pr@teletrade.global.