EUR/USD analysis: little room for gains
|EUR/USD Current price: 1.1787
- Positive market mood points for another strong opening in Wall Street.
- The longer-term bearish trend remains intact in the EUR/USD pair.
Dollar bulls are fighting back early US session, trying to recover some of the ground lost during the first half of the day. The EUR/USD pair, which topped for the day at 1.1829, is now breaking below the 1.1800 level, hovering around the figure. There were no macroeconomic releases coming from the EU, and the US calendar has little to offer, with just a regional manufacturing index scheduled for today. Market's mood is still quite positive, with European indexes sharply up and US ones poised for another solid opening after Monday's rally, although yields continue hovering around their weekly opening levels.
The short-term picture is neutral as in the 4 hours chart, technical indicators are around their midlines, with the Momentum heading north but the RSI losing upward strength, as the price hovers around a horizontal 20 SMA. In the same chart, the 100 and 200 SMA maintain their sharp bearish slopes well above the current level, suggesting that the pair has a long way ahead before turning bullish. The immediate support comes at 1.1740, with a break below it supporting a steady slide toward fresh 2018 lows.
Support levels: 1.1740 1.1695 1.1660
Resistance levels: 1.1840 1.1880 1.1920
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.