EURUSD is sustaining a negative tone today after plotting two bearish daily candles off of a 32½-month peak of 1.2349. In spite of the convincing pullback, which is proposing a deeper retracement, the predominant simple moving averages (SMAs) are continuing to protect the positive picture.
The Ichimoku lines with the clear dip in the red Tenkan-sen line are suggesting a slowing pace in positive price action, while the short-term indicators are portraying a surge in negative momentum. The MACD, some distance above zero, is plunging below its red trigger line, while the decreasing RSI is approaching its 50 threshold. Furthermore, the price’s current negative tendency appears to be endorsed by the strong bearish demeanour of the stochastic oscillator.
If the pair continues to deteriorate below the blue Kijun-sen line, early support may commence from the respective 1.2129 and 1.2058 troughs before tackling the limiting section of 1.2002-1.2032. Another negative blow conquering the vicinity of the 50-day SMA could send the price diving for the 1.1919 level, reinforced by the 100-day SMA.
On the flipside, if buyers manage to steer the price back up, initial upside hindrance could occur at the red Tenkan-sen line at 1.2255, before the price revisits the multi-year peak of 1.2349. Should buyers manage to overcome the fresh top, next resistance may develop in the region of 1.2400-1.2413, relating to highs in April of 2018. Triumphing above this too, the bulls may then target the 1.2475 peak from back in March 2018.
Summarizing, EURUSD retains its short-to-medium-term bullish demeanour above the Ichimoku cloud and the SMAs.
Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.