EUR/USD technical analysis: Choppy inside key trend-lines
|- EUR/USD fails to extend downpour below 1.1000 mark.
- Three-month-old support limits the downside while a falling trend-line since April-end restricts immediate advances.
- RSI conditions are oversold.
EUR/USD struggles to extend declines below 1.1000 mark as it trades near 1.0990 during Monday’s Asian session.
The pair seesaws inside two downward sloping trend-lines respectively from late-April and May-end between 1.1000 and 1.0980 levels. However, oversold conditions of 14-day relative strength index (RSI) indicate brighter chances of the pair’s pullback.
In doing so, August 01 low near 1.1027 and 10-day exponential moving average (EMA) level of 1.1048 will gain short-term buyers’ attention whereas 1.1065 and 1.1100 could entertain them afterward.
Alternatively, a downside break of 1.0980 can take a halt at the recent low near 1.0960 ahead of questioning a year-old descending trend-line around 1.0920.
EUR/USD daily chart
Trend: pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.