EUR/USD Price Analysis: Consolidates near 1.0800 with bullish trend under soft pressure
- EUR/USD was seen hovering near the 1.0800 area after posting mild losses on Wednesday.
- Despite intraday softness, the broader trend remains bullish, supported by upward-sloping moving averages.
- MACD shows a sell signal while support lies at 1.0770 and resistance at 1.0820 and beyond.
EUR/USD trades with slight weakness on Wednesday's session after the European close, seen hovering around the 1.0800 zone. The pair remained within its daily range, reflecting limited directional conviction, but still holding above key moving averages that keep the broader bullish trend intact.
From a technical standpoint, the pair is supported by the 20-day Simple Moving Average at 1.0773, along with the 100-day and 200-day SMAs at 1.0520 and 1.0729, respectively—all pointing higher. The 30-day EMA and SMA also reinforce the bullish structure, with the pair consistently trading above these dynamic supports.
However, some mixed signals arise from the oscillators. The Relative Strength Index (RSI) sits at 57, reflecting neutral momentum, while the Average Directional Index prints at 29, suggesting moderate trend strength. The Moving Average Convergence Divergence (MACD), despite remaining above the signal line, has turned lower and now issues a soft sell signal. Meanwhile, the combined RSI/Stochastic indicator confirms a neutral stance.
Looking at levels, initial support comes at 1.0773, followed by 1.0765. On the upside, resistance is seen around 1.0820 and later near 1.0853, where bulls may encounter further challenges. Until a clear breakout materializes, the pair may continue consolidating within this range.
EUR/USD daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
