Analysis of the EUR/USD Daily
Additionally, the golden cross occurrence (50-day SMA moving above 200-day SMA) tends to favor bullish traders from a technical perspective. In addition, positive oscillators on the daily chart, which are still far from overbought territory, suggest that the price may continue appreciating in the near term. Hence, some follow-through strength looks like a distinct possibility beyond the 1.0800 mark, toward testing the next relevant hurdle near the 1.0855 regions. For the first time since April 2022, the EUR/USD pair may be able to reclaim the round figure of 1.0900 if the momentum continues.
Alternatively, the horizontal zone of 1.0730 now appears to shield the immediate downside ahead of 1.0700. Any further decline is likely to attract fresh buyers and remains contained near 1.0730. 1.0650-1.0645 That said, if the EUR/USD pair fails to defend these support levels, some technical selling may occur, which may result in further weakness below 1.0600. After testing the 1.0540-1.0535 support zone, SPOR prices could descend to the psychological level of 1.0500 and to the monthly low, near 1.0480. The latter should act as a pivotal point, which if broken decisively will shift the near-term bias in favor of bearish traders.
With this analysis, you will be able to find your most profitable trade. EnclaveFX does not recommend that you buy or sell this assist. We do not take any responsibility for your profits & losses. EnclaveFX believes in enhancing the knowledge of our clients & followers
Alternatively, the horizontal zone of 1.0730 now appears to shield the immediate downside ahead of 1.0700. Any further decline is likely to attract fresh buyers and remains contained near 1.0730. 1.0650-1.0645 That said, if the EUR/USD pair fails to defend these support levels, some technical selling may occur, which may result in further weakness below 1.0600. After testing the 1.0540-1.0535 support zone, SPOR prices could descend to the psychological level of 1.0500 and to the monthly low, near 1.0480. The latter should act as a pivotal point, which if broken decisively will shift the near-term bias in favor of bearish traders.
With this analysis, you will be able to find your most profitable trade. EnclaveFX does not recommend that you buy or sell this assist. We do not take any responsibility for your profits & losses. EnclaveFX believes in enhancing the knowledge of our clients & followers
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