EUR/USD Price Analysis: Near-term bottom in place?
|- EUR/USD is fading Friday’s gains and returned to the 1.0820 area.
- Rallies are seen struggling initially in the 1.0880/90 zone.
EUR/USD has come under pressure on Monday after failing to sustain the move to the 1.0860/65 band last Friday.
In the meantime, current “oversold” conditions, as per the RSI indicator, remain the only driver behind occasional bouts of strength that should face initial hurdle in the 1.0880 region, where sits a Fibo retracement of the 2020 drop and the October 2019 low.
On the broader scenario, the bearish view remains unchanged as long as the spot trades below the 55-day SMA, today at 1.1045. However, the inability of sellers to push through the 1.0780/75 band in the short-term horizon could spark some consolidation, leaving that area as an interim bottom.
EUR/USD daily chart
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.