- EUR/USD remains mildly bid inside short-term triangle as bulls attack the resistance line.
- Steady RSI suggests further recovery but 50-SMA adds to the upside filters.
- 61.8% Fibonacci retracement level, mid-March low can lure bears on breaking triangle to the south.
EUR/USD dribbles around 1.1010, up 0.10% intraday during Friday’s Asian session. In doing so, the major currency pair remains inside the weekly symmetrical triangle while keeping the previous day’s rebound.
Although steady RSI suggests the continuation of the EUR/USD recovery, the aforementioned triangle’s upper line and the 50-SMA, respectively around 1.1010 and 1.1020, challenge the pair’s short-term advances.
In a case where EUR/USD rises past 1.1020, the previous support line from March 07, close to 1.1075, will challenge the bulls before directing them to the monthly peak of 1.1137.
Alternatively, pullback moves remain elusive beyond the stated triangle’s support line, around 1.0965 by the press time.
Also acting as a downside filter is the 61.8% Fibonacci retracement of early-month advances, near 1.0930.
Should EUR/USD drop below 1.0930, the March 14 swing low near 1.0900 becomes the key hurdle for the bears targeting the monthly bottom of 1.0800.
EUR/USD: Four-hour chart
Trend: Further upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD remains on the back foot below 1.0800
EUR/USD remains on the defensive below 1.0800, as it consolidates weekly gains heading into Friday’s European session. The pair takes cues from the market’s sluggish momentum amid a light calendar and repositioning ahead of next week’s top-tier EU/ US events.
GBP/USD keeps range around 1.2550 amid quiet markets
GBP/USD is keeping its range play intact at around 1.2550 in the European morning this Friday. The US Dollar is licking its wounds following the US jobs data-led steep sell-off. Markets stay cautious, anticipating the end-of-the-week flows and position adjustments.
Gold lacks firm intraday direction, flat-lines around $1.965 area
Gold price struggles to capitalize on the previous day's solid rebound from the 100-day Simple Moving Average (SMA) support near the $1,940-$1,939 area and oscillates in a narrow trading band on Friday.
Binance.US to suspend USD deposits, citing aggressive and intimidating tactics by the SEC
BinanceUS, the American arm of Binance.com, has indicated plans to suspend USD deposits, noting that its banking partners would do the same for withdrawal beginning June 13.
Eurozone in recession, but why?
It appears that a technical recession has indeed materialized, although the statistical offices took some time to officially declare it. The slight decline of 0.1% in both the fourth and first quarters is rather minimal.