EUR/USD Price Analysis: 100-HMA, weekly trendline in focus
|- EUR/USD extends Friday’s pullback moves, stays above near-term key support.
- Sluggish MACD suggests a lack of momentum.
- 200-HMA offers additional support after a downside break below the support confluence.
EUR/USD nears the short-term support confluence including 100-HMA and the weekly support line while taking rounds to 1.1015 amid early Tuesday’s trading. That said, the pair recently dropped, from 1.1030 to 1.0983, in a flash crash amid broad US dollar strength but failed to extend the losses and bounced afterward.
Even so, sluggish MACD and the pair’s pullback from multi-day top keep sellers hopeful.
Though, a clear break below 1.0980/75 becomes necessary for the pair’s drop towards March 24 high near 1.0890 and 200-HMA level of 1.0870.
On the upside, 1.1090 and the Friday’s top near 1.1150 could keep the near-term advances guarded.
EUR/USD hourly chart
Trend: Further weakness 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.