EUR/USD rises slightly up after the battle with 8-week low

EUR/USD holds in sideways move.
SMAs create bearish crossovers.
MACD continues to head south.

Melina Deltas, CFTe XM

EUR/USD tested the previous low of 1.0665 on Wednesday, holding within a narrow range of 1.0665-1.0720. The 20- and 50-day simple moving averages (SMAs) posted a bearish crossover a few days after the death cross between the 20- and the 200-day SMAs, both hinting at more losses.

Technically, the momentum oscillators are showing some mixed signals confirming the lack of direction in the near term. The RSI is sloping marginally up below 50 level, while the MACD is strengthening its negative steam.

Further losses could drive traders to the next immediate support at 1.0647 before battling with the five-month low of 1.0600.

On the other hand, a rebound off the latest bottom could lift the market towards the previous peak of 1.0720 before challenging the SMAs around 1.0770 and 1.0790. Significant resistance is also coming from the 1.0800 round number, but the market would still be negative until a successful climb above 1.1000.

To conclude, EUR/USD is looking neutral in the short-term view and bearish in the broader outlook as the long-term downtrend line is still in place.

Author

Melina Deltas, CFTe

Melina joined XM in December 2017 as an Investment Analyst in the Research department. She can clearly communicate market action, particularly technical and chart pattern setups.

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