EUR/USD Price Analysis: Run-up remains doubtful below 1.0480 hurdle
- EUR/USD prints the first daily gains in four, stays inside short-term trading range.
- Bearish MACD signals, steady RSI keep sellers hopeful.
- 100-SMA, 200-SMA defend buyers before the monthly low.
- Bulls can aim for late June swing high on crossing 1.0480 resistance confluence.
EUR/USD returns to the buyer’s radar while picking up bids near 1.0350 during early Wednesday morning in Europe. That said, the major currency pair dropped during the last three consecutive days before bouncing off 1.0319 late Tuesday.
The pair’s latest recovery, however, remains inside a three-week-old trading range between 1.0225 and 1.0480. Even so, the 1.0400 round figure appears to lure intraday buyers of late.
It’s worth noting that the bearish MACD signals and convergence of the previous support line from November 03, as well as the stated range’s upper end, near 1.0480, challenges EUR/USD pair’s latest upside.
In a case where the EUR/USD bulls manage to keep the reins past 1.0480, tops marked in late June surrounding 1.0615 should gain the market’s attention.
Alternatively, the 100-SMA level of 1.0300 restricts the immediate downside of the pair ahead of the 1.0225 range support.
Following that, the 200-SMA and the mid-November swing low, respectively near 1.0090 and 0.9935 could probe the EUR/USD bears before directing them to the monthly low of 0.9730.
EUR/USD: Four-hour chart
Trend: Limited upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
