The technical picture suggest the upward corrective movement is complete, as the weekly chart shows that the price is back below a strongly bearish 20 SMA, whilst the technical indicators have turned sharply lower around their mid-lines, resuming their declines after correcting the extreme oversold conditions seen earlier this year. Daily basis, the price is a few pips below its 100 SMA, whilst the technical indicators head south below their mid-lines, also supporting a bearish continuation for the upcoming days. Should the price finally breach the 1.1000 figure, 1.0840 comes as the next possible bearish target, as the pair presents several daily highs and lows in the region. If this last level is also broken, the bearish run can extend down to 1.0650, the next strong static support level.
To the upside, the first strong resistance comes at 1.1120, but 1.1280 holds the key for additional advances as some steady gains above the level can result attractive for bulls, with the next strong resistance and probable bullish target at 1.1390/1.1440.
View live chart of the EUR/USD
Recommended Content
Editors’ Picks
AUD/USD remains under pressure above 0.6400
AUD/USD managed to regain some composure and rebounded markedly from Tuesday’s YTD lows in the sub-0.6400 region ahead of the release of the Australian labour market report on Thursday.
EUR/USD faces decent contention around 1.0600
The knee-jerk in the Greenback reignited some buying interest in the risk complex and pushed EUR/USD to three-day highs near 1.0680, rapidly leaving behind the recent yearly low around 1.0600.
Gold eases despite risk-off mood
Gold trades in a relatively tight range near $2,390 in the second half of the day on Wednesday. In the absence of high-tier data releases, investors keep a close eye on headlines surrounding the Iran-Israel conflict.
Ethereum trades around the $3,000 support following a surge in validator queue
Ethereum (ETH) continued a sideways movement on Wednesday as investors seemed to be waiting for an upward or downward price catalyst. Despite the price stagnancy, the ETH validator queue - possibly fueled by the DeFi restaking boom - rose sharply.
Markets stabilize after Powell rules out rate hike, but the signs don’t look good
Markets are volatile right now; however, a relative calm has descended on the market and US. US stocks are down a touch, but the Vix is lower, US Treasury yields are lower, and the dollar is mostly lower vs. its G10 FX counterparts.