EUR/USD Technical Analysis: The 21-day SMA at 1.1550 continues to hold ahead of the 1.1630 region
|- Spot is extending the up move for the fifth session in a row today, quickly leaving behind the 1.14 and 1.15 handles amidst a robust bounce off last week’s YTD lows in sub-1.1300 levels. The up move has been so far contained around 1.1540, hourly highs.
- EUR/USD is moving higher on the back of a sharp drop in the greenback, all in response to Trump’s attack to the Fed’s tightening cycle.
- The ongoing rebound is still seen as corrective only, although it could extend to the former tops in the 1.1630 region, recorded earlier in the month.
- Looking at the broader scenario, the prospect of the pair remains bearish as long as the 1.1745/50 band caps. Should the downside pressure returns to the markets, the 200-week SMA, today at 1.1355 should emerge as the initial support ahead of 1.1299, recent YTD lows.
Daily high: 1.1542
Daily low: 1.1480
Support Levels
S1: 1.1422
S2: 1.1363
S3: 1.1331
Resistance Levels
R1: 1.1513
R2: 1.1545
R3: 1.1604
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