- EUR/USD remains muted in the early Asian session on Thursday.
- The pair consolidates after posting a 70-pips upside movement in the previous day.
- Price trades below 1.1600 since October 6, MACD trades in the oversold zone.
EUR/USD edges higher in a quiet session on Thursday. The pair rose near 1.1600 in the US session following a broad-based USD selling. At the time of writing, EUR/USD is trading at 1.1595, up 0.02% for the day.
EUR/USD daily chart
-637697667957806224.png)
On the daily chart, the EUR/USD pair has started the October series on a lower note while testing the yearly lows around 1.1524 this Tuesday. The spot already trades below the 21-day Simple Moving Average (SMA) at 1.1638, indicating a downside risk. Nevertheless, the previous session’s single-day gain defies the four-session downward journey of the pair.
Having said that, if the price sustains intraday high, it could continue to register more gains. In doing so, the first upside target would be the 1.1630 horizontal resistance level followed by the high of September 29 at 1.1690. The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone, any uptick could mean the 1.1750 for the EUR/USD bulls.
Alternatively, if the price reverses direction, the EUR/USD bears would once again dominate the trend with their eyes on October, 1 low at 1.1530. Next, the market participants would test the 1.1550 horizontal support level. A break below the mentioned level will open the door below the yearly lows of 1.1524.
EUR/USD additional levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'