EUR/USD Price Analysis: Renewed 20-day SMA rejection curbs bullish attempts
- EUR/USD dips and lands around 1.0285 amid fading upside impetus.
- RSI edges up, still confined in negative territory and signaling lukewarm buying interest.
- MACD histogram remains flat with green bars, highlighting a lack of compelling bullish follow-through.
The EUR/USD pair struggled to maintain upward momentum on Friday, slipping by 0.20% to settle around the 1.0285 mark. Efforts to break decisively above the 20-day Simple Moving Average (SMA) once again fell short, underscoring persistent headwinds facing any near-term recovery. While the pair has managed to avoid a more pronounced sell-off, the market’s appetite for stronger gains appears muted. On the technical front, the Relative Strength Index (RSI) has nudged mildly higher to 44, a level that still suggests lingering bearish undertones. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram continues to print flat green bars, indicating that buyers have yet to fully step in to reverse the pair’s recent rejection from overhead resistance.
Looking ahead, the 20-day SMA, situated around 1.0330, remains a pivotal hurdle for EUR/USD. A convincing move above this threshold would be needed to shift the short-term outlook in favor of the bulls. Failing that, further downside risks may emerge, with the next layer of support likely clustered near 1.0260–1.0250.
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.
