EUR/USD retraced recent gains from the previous session, holding near 1.1360 during the Asian session on Wednesday (07/05). Technical analysis on the daily chart continues to show a bullish bias, with the currency pair remaining within an ascending channel pattern.
The EUR/USD pair remains marginally above the nine-day Exponential Moving Average (EMA), signaling strong near-term bullish momentum. The 14-day Relative Strength Index (RSI) is also holding above the 50 mark, further supporting the prevailing bullish bias.
On the upside, the EUR/USD pair could retest the April 21 high of 1.1573 — its highest level since November 2021 — with the next resistance seen near the upper boundary of the ascending channel around 1.1730.
The EUR/USD pair is testing key support at the nine-day EMA near 1.1320, followed by the lower boundary of the ascending channel around 1.1300. A break below this key support zone could erode the bullish bias and open up the door to a move towards the 50-day EMA around 1.1057.
Further downside pressure could weaken the medium-term momentum, potentially extending the decline towards a six-week low of 1.0360, last seen on February 28. (Newsmaker23)
Source: FXstreet
The US dollar weakened at the start of the week after tensions between the United States and the European Union escalated over the Greenland issue. Markets assessed that the political conflict, which ...
EUR/USD loses ground for the sixth consecutive day on Wednesday, trading below 1.1730 after peaking above 1.1800 last week. The pair struggles amid a moderate US Dollar (USD) rebound following the rel...
The EUR/USD pair moved steadily around 1.1750 during Wednesday's Asian session. Its movement appeared to be holding up after a sharp drop the previous day from its highest level since September 24th. ...
The euro rebounded above $1.16, reaching its strongest level since mid-November, as investors adopted a cautious stance ahead of key Eurozone and US economic data that could influence interest rate ex...
The EUR/USD pair traded flat on Thursday, trading around 1.1596, as market liquidity thinned during the US Thanksgiving holiday. Despite the limited movement, pressure on the US dollar remained as exp...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...