EUR/USD Forecast: Buyers may push it towards 1.0800

Valeria Bednarik FXStreet

EUR/USD Current price: 1.0744

ECB member Mario Centeno delivered yet another hawkish message.
The United States celebrates the Juneteenth holiday, local markets will remain closed.
EUR/USD bullish in the near term, resistance at 1.0760, the weekly high.

The US Dollar is under mild selling pressure in a quiet Wednesday, helping EUR/USD advance towards the 1.0750 price zone. Stock markets trade mixed, confined to tight ranges around their opening levels, suggesting speculative interest lacks directional motivation.

The Euro found support in comments from European Central Bank (ECB) Governing Council member Mario Centeno. Centeno said that interest rates will be cut further if inflation slows, maintaining the hawkish bias set in the June ECB meeting.

Other than that, the Eurozone released the April Current Account, which posted a seasonally adjusted surplus of €38.6 billion, improving from the €35.8 billion posted in March and beating expectations. Construction Output in the same month contracted by 0.2%, better than the 0.5% loss from the previous month.

The United States (US) published MBA Mortgage Applications for the week ended June 14, which rose 0.9%. It is worth reminding that the country celebrates the Juneteenth holiday, and local markets will remain closed, limiting FX activity throughout the American afternoon.

EUR/USD short-term technical outlook

The EUR/USD pair is up for a third consecutive day, although gains are modest. EUR/USD posted a weekly high at 1.0760 on Tuesday, the level to surpass to gain additional upward traction. Technically, however, the risk skews to the downside. The daily chart shows EUR/USD develops far below all its moving averages, with the 20 Simple Moving Average (SMA) heading modestly lower above flat 100 and 200 SMAs. The Momentum indicator aims marginally lower below its 100 level, while the Relative Strength Index (RSI) indicator consolidates at around 44, suggesting buyers remain sidelined.

According to the 4-hour chart, near-term advances seem likely. The EUR/USD pair is finding support around a now flat 20 SMA, although the 100 SMA crosses below the 200 SMA, limiting the upside in the 1.0810 price zone. Finally, technical indicators extend their advances above their midlines, in line with the latest bounce, although not enough to confirm a steady advance ahead.

Support levels: 1.0710 1.0665 1.0620

Resistance levels: 1.0760 1.0810 1.0840

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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