EUR/USD on a steady recovery path, back at 1.0450

Dhwani Mehta FXStreet

The EUR/USD pair found just below 10-DMA support, and from there takes on another attempt higher, in a bid to regain 5-DMA barrier located at 1.0449.

EUR/USD: 1.0500 back on sight?

Currently, EUR/USD trades -0.10% lower at 1.0444, recovering from session lows struck earlier at 1.0433. The bulls appear to have fought back control, allowing a tepid bounce in the EUR/USD pair in response to fresh USD selling.

The US dollar ran through fresh offers against a basket of six major currencies after the US treasury yields surrendered a part of intraday gains seen so far this session. However, it remains to be seen whether the spot can sustain the recovery and break above the key resistance placed at 1.0460 ahead of the US datasets lined up for release later today.

In the meantime, the major will continue to get influenced by the broader market sentiment and USD price-action amid low volumes and minimal volatility.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0459 (daily high). A break beyond the last, doors will open for a test of 1.0474 (daily R1) and from there to 1.0500 (round figure). On the flip side, the immediate support is placed at 1.0418 (dally S2) below which 1.0383 (Dec 21 low) and 1.0352 (yearly/ 14-yr lows) could be tested.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.0436

50% Bullish
25% Bearish
25% Sideways

Bias Bullish

1 Month

Avg Forecast 1.0356

18% Bullish
55% Bearish
27% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.0291

24% Bullish
76% Bearish
0% Sideways

Bias Bearish

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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