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EUR/USD price analysis: Euro steadies near 1.1200 amid mixed technical signals

  • EUR/USD trades around the 1.1200 zone with minor gains on Thursday.
  • Short-term indicators remain mixed, while longer-term trends support a bullish outlook.
  • Key support levels sit below, with resistance clustered near recent highs.

The EUR/USD pair maintained a steady tone near the 1.1200 zone on Thursday, reflecting a cautiously bullish stance after the European session. Price action remains within the middle of its recent range, indicating balanced sentiment despite mixed short-term signals. The broader technical structure remains supportive, with longer-term moving averages continuing to favor buyers, providing a solid foundation for potential gains.

From a technical perspective, the pair presents a complex but generally positive outlook. The Relative Strength Index (RSI) hovers around 40, indicating neutral momentum without clear directional pressure. The Moving Average Convergence Divergence (MACD), however, signals sell momentum, reflecting the ongoing consolidation phase. Meanwhile, the Average Directional Index, trading in the 30s, confirms a weak trend, adding to the mixed short-term outlook. The Commodity Channel Index, on the other hand, flashes buy conditions, hinting at potential upward momentum, while the Awesome Oscillator remains neutral, reflecting a lack of clear conviction in either direction.

The moving averages provide a more supportive backdrop. While the 20-day Simple Moving Average suggests near-term selling pressure, the longer-term 100-day and 200-day SMAs, along with the 50-day Exponential and Simple Moving Averages, continue to align with the broader bullish trend. This combination of short-term caution and longer-term support reflects the pair's current consolidation phase, with buyers still in control over the broader time frame.

Support levels are identified around 1.1130, 1.1099, and 1.1091. Resistance is clustered near 1.1196, 1.1222, and 1.1234. A sustained move above the immediate resistance zone could confirm a broader breakout, while a move below support might trigger a short-term correction, potentially testing the lower end of the recent range.

Daily Chart

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Patricio Martín

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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