EURUSD is resting on the 1.1707 level, that being the 23.6% Fibonacci retracement of the up leg from 1.0726 to 1.2010, capped by the mid-Bollinger band. The simple moving averages (SMAs) command a bullish tone while the short-term oscillators convey mixed signals in directional momentum.

The MACD and the RSI are transmitting a slight improvement in the pair with the MACD, in the negative region, pushing above its red trigger line and the RSI attempting to break above the 50 threshold. However, the stochastic oscillator has shifted negative, flashing further weakening in the price.

To the downside, immediate support may occur from the 23.6% Fibo of 1.1707 ahead of a key trough at 1.1612, where the lower Bollinger band is also located. A dive past this may then be challenged by the 100-day SMA, currently at 1.1534 and the adjacent limiting section from the 38.2% Fibo of 1.1519 until the 1.1496 inside swing high of March 9. Extra loss of ground may communicate frailty in the pair, seeing it hit the 1.1451 barrier before the focus turns to the 50.0% Fibo of 1.1368.

However, if buyers resurface, resistance may originate from the curbing mid-Bollinger band at 1.1762 and the overlaying 50-day SMA above at 1.1803. Climbing higher, the bulls may encounter the 1.1871 border before the highs of 1.1900 and 1.1916, which encapsulate the upper Bollinger band, attempt to shackle further advances. Surpassing these obstacles, the pair may jump to revisit the 28-month peak of 1.2010 and the 1.2055 barrier overhead.

Summarizing, EURUSD relays a neutral-to-bullish bias above 1.1612, the 100-day SMA and the 38.2% Fibo of 1.1519.

EURUSD

Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD struggles to recover above 1.0900 as markets remain cautious

EUR/USD struggles to recover above 1.0900 as markets remain cautious

EUR/USD stays on the back foot and trades below 1.0900 following Thursday's sharp decline. Dovish comments from European Central Bank officials and the risk-averse market atmosphere make it difficult for the pair to stage a rebound on Friday.

EUR/USD News

GBP/USD falls toward 1.2900, looks to post weekly losses

GBP/USD falls toward 1.2900, looks to post weekly losses

GBP/USD continues to push lower toward 1.2900 in the American session on Friday. Disappointing Retail Sales data from the UK, combined with the US Dollar (USD) recovery amid souring mood, causes the pair to stay under bearish pressure ahead of the weekend.

GBP/USD News

Gold extends daily slide, trades near $2,400

Gold extends daily slide, trades near $2,400

Gold's correction from the record-high set earlier in the week deepens on Friday. With the US Dollar (USD) benefiting from safe-haven flows and the 10-year US yield holding steady above 4.2%, XAU/USD tests $2,400 and looks to post small weekly losses

Gold News

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Bitcoin and Ethereum hold steady above $64,000 and $3,400 as $1.8 billion in options expire on Friday. WazirX hack of $230 million potentially linked to Lazarus Group ushers correction in Shiba Inu, among other assets. 

Read more

Week ahead – Flash PMIs, US GDP and BoC decision on tap

Week ahead – Flash PMIs, US GDP and BoC decision on tap

US data awaited amid overly dovish Fed rate cut bets. July PMIs to reveal how economies entered H2. BoC decides on monetary policy, may cut rates again.

Read more

Majors

Cryptocurrencies

Signatures